Terminology

Some definitions before we start

To avoid confusions, here are simple descriptions of some important terms that may have a particular meaning in the context we are bringing. These words will often be highlighted in italics throughout the text so you can come back and check them.

• Rental: to rent an NFT is to pay a certain amount to temporarily enjoy some benefits related to that particular NFT. A rental can refer to a particular transaction of this sort or to the very object being rented.

• Rentee: to avoid the ambiguity of the word 'renter' we use the term rentee to refer to the party paying to acquire the rental.

• NFT owner: the party that has a rightful claim of ownership to an NFT listed for rent or being actively rented.

• NFT holder: the party marked as the owner of the NFT in the latter's contract at a given time. So a holder could be an owner or a rentee (or an escrow), depending on the rental status of the NFT.

• Smart Account: an account embedded with some extra functionalities to provide better experience to users.