GoatNFT Borrower (Renting NFTs)

  • Choosing Rental Period: Borrowers select the specific duration (in days/time) for which they wish to rent an NFT.

  • Price Calculation: Once the rental period is set, the rental price is automatically calculated.

  • Adding Collateral to Price: The NFT's collateral value is added to the rental price to determine the total cost.

  • Payment and Escrow: The total rental fee, including the NFT price, is deducted from the borrower's wallet/balance, which acts as an escrow.

  • Transaction and NFT Transfer: Following a successful transaction, the NFT is transferred to the borrower.

  • Collateral Return: The collateral provided by the borrower is held and then returned once the NFT is successfully returned to the lender.

  • Forfeiture of Collateral: If the NFT is not returned within the agreed time, the borrower forfeits the collateral, which is then transferred to the lender.

Through this structured approach, GoatNFT facilitates a secure and efficient environment for both lending and renting NFTs, ensuring clarity and safety for all parties involved in the transaction.

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