Simple implementation allowing users to get a loan using their NFT as collateral. We created a smart contract to act as the pawn shop.
- PawnNFT.sol: Mint sample ERC721 NFTs to test out contract functions
- NFTPawnShop.sol: Acting as intermediate pawn shop - users can pawn their NFTs, and other users can lend them money.
Key functions:
- pawn(): setting terms for loan and NFT you want to use as collateral and the smart contract takes intermediary control of NFT
- undoTerm(): cancel offering if nobody has accepted terms, borrower can cancel it and the contract will transfer NFT back to them
- acceptTerms(): allows loaner to accept terms for a particular borrower
- payBackTerm(): within duration of loan, borrower can pay back principal + interest, upon which smart contract transfers NFT back to them
- claimCollateral(): for expired loans, loaner can claim their collateral, which transfers NFT from smart contract to loaner
We built a React app on top of the smart contracts with basic functionality as described above.
Frontend
- Better user experience in choosing NFTs
- Using more redux for contract interactions
- Better error handling
Backend
- More complicated loan structures
- Other types of collateral
- Deploy to Mainnet