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• Active: The Lease Offer has a lessee borrowing the NFT and it has not been ended. • Cancelled: The Lease Offer has been cancelled by the lessor before being activated and is not available on the market, therefore the NFT has been transferred back. • Ended: The Lease Offer has reached an agreed ending. The lessor has re- ceived his NFT or the endLeaseTimeStamp has passed and he has claimed the collateral amount. The main functions of the leasing smart contract are createLeaseOffer , acceptLeaseOffer , endLeaseOffer and cancelLeaseOffer. • createLeaseOffer is called by users who want to lease out their NFT. They must have approved the address of the leasing smart contract to begin the transfer of the NFT. This has to be done before calling and is a requirement that is checked by calling on the smart contract address of the NFT. The other requirements of this functions are that all the parameters for cre- ating a new LeaseOffer are non-empty, except for the lessee and the end timestamp of the lease. The NFT is transfered from its owner (in this case the message sender who triggered the function call) to the address of the smart contract. Since the target address is a smart contract, as we have explained in the previous section, we will be using safeTransferFrom , following the imple- mentation standards laid out by OpenZeppelin. [34] Finally, we have create a new LeaseOffer in storage and appended it at to end of the allLeaseOffers mapping, with the parameters received. The status is also set to Status.PENDING to highlight that the offer is avail- able on the market and the NFT ready to be leased. acceptLeaseOffer is called by a potential lessee given the leaseID as a parameter. The requirements for the function caller are the following: – leaseID exists. – the status of the lease offer is Status.PENDING . – the address of the lessee is different from the address of the lessor. – the value of Wei sent in the function call is greater than or equal to the total sum required to lease the NFT, which is the collateral amount plus the lease price set by the lessor. The amounts specified are in Wei, which is the smallest denomination of ether. createLeaseOffer getApproved • 37PDF Image | NFT finance Leveraging Non-Fungible Tokens
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