Rental Service & Asset Movement
Last updated
Last updated
The Rental Service within Polemos enables the borrowing and lending of NFTs for gaming, digital assets, or other in-game uses. The rental process is seamless, secure, and fully integrated with the Polemos Wallet, ensuring smooth asset movements between lenders and borrowers. This page details the flow of NFTs throughout the rental process, from asset staking to returns and withdrawals.
Key Features:
Lender Asset Movement: Lenders move NFTs to the Polemos Wallet for staking and listing.
NFT Staking: Assets are staked to the Polemos Rental Service to be made available for rental.
Marketplace Interaction: Borrowers browse and rent NFTs by making payments.
Automatic Return: At the end of the lending period, assets are automatically returned to the Polemos platform.
Unstaking & Withdrawal: Lenders can unstake and withdraw NFTs back to their external wallets.
The rental process begins with the lender moving an NFT from their own wallet into the Polemos Wallet. This step allows the NFT to be managed and utilized within the Polemos platform.
Transfer Asset: Lenders initiate a transfer of the NFT from their external wallet (e.g., MetaMask, Immutable Passport, FuturePass...) into the Polemos Wallet.
Secure Storage: The NFT is securely stored within the Polemos Wallet, and the platform ensures that it is protected during the rental process.
Ownership Confirmation: The lender must verify the ownership of the asset through signing with their linked wallet. This ensures that the asset belongs to the user and is authorized for listing.
Once the NFT is in the Polemos Wallet, the lender stakes the asset into the Polemos Rental Service, making it available for rental through the platform’s marketplace.
Staking Process: Lenders stake their NFTs to the Polemos Rental Service via a secure process. Once staked, the asset is officially listed for rent in the Polemos marketplace.
Visibility: The asset is now available for browsing by potential borrowers, with the listing displaying key information like rental price, duration, and other conditions.
Platform Locking: When the asset is staked, it is locked within the Polemos platform for the rental period. The asset cannot be moved or sold until the lending term ends or the lender decides to unstake it.
Smart Contract Enforcement: The staking process is controlled by smart contracts or backend logic, ensuring that all rental terms are enforced, and the asset remains secure during the rental.
Borrowers can now browse the marketplace and choose NFTs they wish to rent. Once they decide on an asset, they proceed to make a payment to borrow it.
Asset Discovery: Borrowers can view all available NFTs, filtering by collections, attributes, and select the one that fits their needs.
Asset Information: Each listing shows the asset’s details, including price, rental conditions, and the time period for which the asset is available for rent.
Rental Payment: After selecting an asset, borrowers make a payment to rent the NFT. Payment is processed directly within the Polemos Wallet, and the required amount is deducted from the borrower’s wallet.
Asset Transfer: Upon successful payment and claiming the asset, the NFT is transferred from the lender’s Polemos Wallet to the borrower’s Polemos Wallet for the duration of the rental period.
Once the rental period expires, the asset is automatically returned to the Polemos platform, ready to be re-staked or withdrawn by the lender.
Return Triggered: After the rental period ends, a pre-defined process automatically moves the asset from the borrower’s wallet back to the Polemos platform.
Platform Notification: The lender is notified when the asset has been returned to the platform, and they are ready to take further actions (e.g., unstaking, or withdrawal).
After the rental period is over, the lender may choose to unstake the NFT, removing it from the rental service and transferring it back to their Polemos Wallet.
Initiating Unstake: The lender can initiate the unstaking process from their Polemos Wallet. This action removes the asset from the rental service, making it unavailable for further rental.
Smart Contract Enforcement: The smart contract or backend service confirms that the asset is no longer listed in the marketplace and is transferred back into the lender’s Polemos Wallet.
Completion Notification: The lender is notified when the asset has been successfully unstaked and returned to their Polemos Wallet. The asset is now available for other operations (e.g., withdrawal or relisting).
Once the asset is in the lender’s Polemos Wallet, they can choose to withdraw it to their external wallet, completing the rental process.
Transfer to External Wallet: The lender can initiate a transfer to move the NFT from the Polemos Wallet back to the original wallet.
Ownership Confirmation: To ensure the withdrawal is legitimate, the lender must sign the transaction using the wallet linked to their Polemos account.
Final Asset Transfer: Upon successful signature, the NFT is transferred from the Polemos Wallet to the lender’s original wallet.
Asset Withdrawal Confirmation: Once the NFT has been successfully withdrawn to the lender’s external wallet, they receive confirmation that the asset is back under their control, and the process is complete.
