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If the requirements are all met, the message sender, i.e. the function caller, transfers the sum required to lease to the smart contract. The total is then split and the lease price is sent to the lessor and while the collateral is kept at the smart contract address. The NFT is sent to the lessee, who can now use it. Unlike a regular lease contract where the lessor stays as owner throughout the lease period, this would not be possible with most ERC-721 tokens because only the owner of the NFT can control and use it. More will be discussed on this topic in the challenges subsection. Finally, the status of the offer is set to Active to indicate that the NFT is being leased and other users do not have access to it. The lessee is set to the message sender address and the end of lease timestamp updated with the current timestamp plus the specified maximum lease period. • endLeaseOffer can be called by the lessee as well as the lessor based on certain circumstances. The requirements for calling the function are the fol- lowing: – leaseID exists. – The status of the lease offer is Status.ACTIVE , therefore the lease has started and has not reached an agreed lease ending. – The message sender is the lessee and he can call this function to return the NFT before or after the end of lease timestamp has been reached, as long as the previous requirements are met. Alternatively, the message sender can also be the lessor but he can only call this function after the end of lease timestamp has passed. – If the message sender is the lessee it is also required that the lease smart contract is again approved to receive the NFT. If all the requirements are met, there are two corresponding scenarios: – The caller is the lessee: the NFT will be send form the lessee back to the lessor by calling safeTransferFrom . The collateral is transferred back to the lessee because he has followed the contract terms for the lease. – The caller is the lessor: as mentioned the caller can be the lessor only in the case that the lessee has not returned the NFT before the end of lease timestamp has been reached and has followed the contract terms for the lease. He is penalized and the lessor can ask to receive the collateral amount kept in the lease smart contract. Finally, the status is updated with Status.ENDED to indicate that the lease offer has reached an agreed predefined ending. • cancelLeasingOffer the final core functionality is for the lessor to take the offer back from the market before a lessee has started a new lease with it. The requirements are the following: 38PDF Image | NFT finance Leveraging Non-Fungible Tokens
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