# ERC2615 NFT with Mortgage and rental functions ## Simple explanation This ERC will allow users to rent out their NFTs and take out mortgages by collateralising their NFTs.\ This standard can be applied to: * Virtual items - artwork, * Physical Items - houses, cars.. * Intellectual property rights * DAO membership tokens ## Functions-simplified The implementation itself is written in simple language. It has tons of functions. Here are the basic ones: * transfer the owner role * transfer the user role ## Mortgage functions "Suppose Alice owns an NFT and wants to take out a mortgage, and Bob wants to earn interest by lending tokens to Alice. 1. Alice approves the setting of a lien for the NFT Alice owns. 2. Alice sends a loan request to the mortgage contract. 3. Bob fills the loan request and transfers tokens to the mortgage contract. The lien is then set on the NFT by the mortgage contract. 4. Alice can now withdraw the borrowed tokens from the mortgage contract. 5. Alice registers repayment (anyone can pay the repayment). 6. Bob can finish the agreement if the agreement period ends and the agreement is kept (i.e. repayment is paid without delay). 7. Bob can revoke the agreement if the agreement is breached (e.g. repayment is not paid on time) and execute the lien and take over the ownership of the NFT." - ERC Author ## Rental functions "Suppose Alice owns NFTs and wants to rent out a NFT, and Bob wants to lease a NFT. 1. Alice approves the setting of a tenant-right for the NFT Alice owns. 2. Alice sends a rental listing to the rental contract. 3. Bob fills the rental request, and the right to use the NFT is transferred to Bob. At the same time, the tenant-right is set, and Alice becomes not able to transfer the right to use the NFT. 4. Bob registers rent (anyone can pay the rent). 5. Alice can withdraw the rent from the rental contract. 6. Alice can finish the agreement if the agreement period has ended and the agreement is kept (i.e. rent is paid without delay). 7. Alice can revoke the agreement if the agreement is breached (e.g. rent is not paid on time) and revoke the tenant-right and take over the right to use the NFT. " - ERC Author ### Further reading * Comments regarding this implementation: * Implementation: --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://nft-standards.gitbook.io/nft-standards-wiki/standards/erc2615-nft-with-mortgage-and-rental-functions.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.