Pause NFTs
Step-by-step guide on how to pause NFTs.
Last updated
Step-by-step guide on how to pause NFTs.
Last updated
When an NFT is delegated to a Scholarship Program, the Guild is responsible for finding users to borrow that NFT. To allow the Owner to verify if their assets are being rented out, the UI displays the "NFT status", which can be: IDLE, DELEGATED, LISTED, BORROWED, or CLAIMABLE.
In most cases, the NFT Owner can withdraw their assets. The only exception is when the NFT is rented, and the rental has not expired. In this case, the Owner has to wait for the rental to expire to submit a Withdraw transaction. But what happens if the Guild rents the NFT again before the Owner takes action? We are stuck in a loop!
To solve this problem, Orium introduced the concept of "Pausing NFTs". When the Status is BORROWED (meaning that the NFT is rented and not expired) the Owner can pause the NFT to prevent Guilds from creating more rentals.
This means that in the worst-case scenario, the longest an Owner will wait to withdraw their assets is the Maximum Rental Time, which is set when the NFT is delegated to the Scholarship Program.
To Pause an NFT, go to the Borrowed NFTs tab of your Safe and click on the three dots of any borrowed NFT.
Then click on the Pause action and select all the NFTs you would like to pause.
Finally, click on the Pause button and confirm the transaction on your wallet. Once the transaction is confirmed, the NFT status should change to Paused.
Now, all you need to do is wait for the NFT status to change to CLAIMABLE or IDLE where you will be able to send a Withdraw transaction.
