How to use NFT Rental?
As a borrower, you're afforded the flexibility to return the NFT at any point before the rental period ends. You're only charged for the actual duration of your rental, with any remaining funds reimbursed once you return the NFT by clicking “Return”.
It's important to note that your actual rental time is calculated in rounded hours.
For example, if your actual rental time is 1.2 hours, it will be considered as 2 hours.
As a lender, you're obliged to honor the full duration of the rental until it either ends or the borrower returns the NFTs. In the meantime, you will accrue interest. Once the rental period concludes, the accrued interest will be directly transferred to your wallet. If the borrower returns the NFT, it will automatically reenter the borrowing pool under the same terms you had previously set.
Even after the rental period expires, as a borrower, you can still return the NFT, as long as the lender hasn't claimed your collateral. To return the NFT, simply click on "Stop". However, it's crucial to know that after the expiration of the rental period, the collateral is at risk of foreclosure. Therefore, it's advisable to return the NFT promptly to prevent the lender from claiming the collateral.
As a lender, once the rental period expires, you gain the right to claim the collateral. If you decide to do so, you will receive both the collateral and the rental price in DAI, while the NFT remains with the borrower.
Last modified 2mo ago