What is Vera?
Vera is a decentralized protocol built on top of major blockchains that allows essential
financial services for NFTs such as renting, lending, and mortgages. Decentralized
protocols are non-custodial, meaning digital assets and NFTs are not owned by any
middleman or intermediary.
How does NFT renting or lending work?
Lending and renting allows you to list your NFT on the marketplace with your desired
rental terms. Collateralized renting requires the borrower to deposit collateral to rent
your NFT while non-collateralized renting does not require any collateral. Currently,
our testnet supports non-collateralized NFT rentals and is coming soon to our mainnets.
How does NFT financing or mortgages work?
There are two types of NFT mortgages: Seller financing and network financing. Seller financing does not require collateral and allows you to purchase an NFT with installments. Network financing may or may not require collateral and allows you to purchase an NFT with a loan provided by our network, and you will pay back the loan plus interest
over time. Mortgages will be available in 2022.
Are there any risks for my NFTs to be stolen?
NFT rentals that require collateral may be stolen. If that occurs, the lender gains the
collateral which is intended to deter theft. Rentals that do not require collateral
cannot be stolen because Vera Lien technology prevents the rented or mortgaged NFT to be burned or transferred from the borrower's wallet during the duration of the rental or financing.
Are there any hidden fees or charges?
When you rent an NFT, Vera does not add any hidden fees to your rental price. Instead, Vera will take a one-time % trasaction fee from the lender. Similarly, when you purchase an NFT with seller financing, there are no hidden fees added the purchase price, and Vera will take a one-time % transaction fee from the seller. When take out a mortgage to buy an NFT, Vera will pay liquidity providers your interest owed and take a % of the interest as a service fee. Currently, all fees are waived for all our financial products while we are in Beta.
What is the $VERA token used for and why will its value go up?
$VERA is the original utility token for the Vera network and entered the market on
September 23, 2021 as both an ERC-20 and BEP-20 token. Additional networks may be supported over time. Staking $VERA will be required to participate in the Vera DAO which governs the treasury, Lending Pool (of cryptos from liquidity suppliers), NFT Rental Pools, and Mortgage Pools. For instance, DAO members may decide which NFT collection or asset type may be serviced or removed from our network. Complete details of our DAO and token design will be released at a later date.
