Rentable shut down amidst dwindling NFT market

Rentable shut down amidst dwindling NFT market
Rentable shut down amidst dwindling NFT market.

NFT renting protocol Rentable has closed down after being unable to find a “product market fit,” confirms co-founder Emiliano Bonassi.

Rentable halts rentals, issues ultimatum for all withdrawal

Bonassi noted that the protocol’s governance plans to “execute emergency withdrawals and transfers to the respective oToken owners” if the token’s listings still exist after the suspension. More so, he hinted that all the Rentable smart contract codes are open-source.

In other words, the community remains “welcome to fork/clone” the Rentable project. However, Bonassi noted that the codes remain available on Etherscan, while their traces will be deleted from Rentable’s GitHub repositories.

Also, Bonassi said all the other resources of Rentable, including Telegram, Discord, Twitter, Medium, and others, “will be decommissioned.”

Prevailing indices in the NFT market

Lately, the NFTs market has experienced a steady decline occasioned by a decrease in its demand.

Digital collectibles enjoyed massive attention last year, thus, incurring a widespread embracement. However, in the last few months, there has been a noticeable decrease in the sales of NFTs. According to NonFungible, the NFT market suffered a sharp decline in the second quarter of 2022.

The downward trend hasn’t stopped in July and August respectively.

NFT sales volume in Q2. Source: NonFungible.com
NFT sales volume in Q2. Source: NonFungible.com

This figure further highlights how the NFT sphere has been struggling lately.

This decline remained attributed to the negative sentiments in the cryptocurrency space. In 2022, the entire crypto sector experienced a sharp downturn. The crisis deepened around May after the Terra collapse and didn’t spare the NFT sector.

Coupled with the general crisis, the NFT sphere is enduring criticism about the relevance of projects in the space. Critics argue that the decline emanated due to the increasing rethink from investors about pumping money into mere jpegs.

This argument, to some extent, has influenced the trading trend in the NFT space.

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Rentable, Rentable shut down amidst dwindling NFT market

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