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 the services never rely on the custody of 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 collateralized NFT rentals. Non-collateralized NFT rentals will be
available later in Q4 2021.
How does NFT financing or mortgages work?
There are two types of NFT financing or mortgages: Seller financing and Vera
financing. Seller financing does not require collateral and allows you to purchase an
NFT with a down payment and pay the remaining amount by a deadline specified by the
seller. Vera 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. Seller financing will be available in Q4 2021. We plan to support Vera
financing early 2022.
Are there any risks for my NFTs to be stolen?
NFT rentals that require collateral can 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's Seller Protection prevents the NFT from leaving the
renter's wallet during the entire duration of the rental. On the other hand, NFT
mortgages cannot be stolen even if the borrower's payments default thanks to Vera's
Seller Protection technology.
Are there any hidden fees or charges?
When you rent an NFT, there are no additional fees or charges on top of your rent. If no collateral is required, Vera will take a small one-time % service fee from the lender based on the total cost of the
rental. When you agree to take out a mortgage to buy an NFT, there are no additional
fees or charges on top of principle plus interest you agree to pay the lender. Vera will take a
small one-time % service fee from the seller based on the total revenue from the NFT
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. $VERA will be used to govern
Vera's system of NFT rental/lending and financing/mortgage pools some time after its
mainnet goes live. Users can post $VERA tokens as collateral to raise their borrowing
limits for NFT financing/mortgage loans. Those who borrow $VERA or rent $VERA-verified
NFTs can also bypass the borrowing/rental fees and get a discount on fees if they post
it as collateral. Fees collected by the Vera platform are also used to burn $VERA. The
remaining fees are used to pay lenders. The constant burning of $VERA reduces its total
supply, thus driving up the price of the token if demand remains constant.