NFT owners are able to set terms on the assets in their wallet. Users that own NFTs from Verified Collections can set loan terms on their NFT will bring the asset to the Lending marketplace to facilitate loan matching with Lenders.
To assign loan terms to an NFT from a Verified Collection in a connected wallet, users should proceed through the steps below.
- After connecting a wallet that holds an NFT from a Verified Collection, the user should navigate to the Borrow tab. Once the NFT is selected, a detail page will pop up displaying the information about the asset. To set terms, users must enter the Principal, Repayment Amount, and Duration.
- Upon completion, owners should select
Sign Termson the detail page. A wallet prompt will appear to submit a signature for the loan terms. Users should then select
Signon the wallet modal.
Signature Request: this signature will enable the protocol to set loan terms on the NFT.
- After confirming the signature, another wallet notification will appear to approve the gas spend from the connected wallet (Function: Approve). Users must Confirm the wallet transaction to set terms.
Approve: enables the protocol to spend gas to commit the loan terms to the NFT.
- Once confirmed, a notification will appear the app that the on chain transaction is pending.
- After the transaction is complete on chain, there will be another notification in the app to confirm that the terms have been set.
- The terms have been set on the NFT! Users can now view the NFT that they set terms on within the Lend section of the app. The terms should appear on the NFT detail page and lenders will be able to match and initiate a loan.
Updated 3 months ago