Double Protocol's Rentable NFT Standard

By MediaXwire | Date: 01/07/2022

London, On June 28, the rentable NFT standard "EIP-4907" submitted by the NFT rental marketplace Double Protocol, passed the final review by the Ethereum development team and became the 30th ERC standard with the status of "Final".  This standard realizes the separation of NFT ownership and usage rights through the setting of dual roles, and is the first to automatically withdraw the usage rights upon expiration. The "ERC-4907" standard will greatly reduce the development and integration costs of utility NFT leases such as games, metaverse, and membership cards, and make NFT assets more liquid. 

Currently, Double Protocol has supported virtual land rental in Decentraland and in-game assets rental in Warena. It is reported that 12 projects have confirmed the application of "ERC-4907" standard.

leverageing  ERC-4907, which among other unique functions enables the protocol to separate the ownership rights and the usage rights. The user is the renter, and will be allowed to do particular operations with a leased NFT, but will never be able to transfer the asset to a third party or assume complete control over it (as the owner would do). This approach delivers an efficient rental experience and also protects both the owners and tenants.

The surge in popularity of NFTs saw a demand for its acquisition, with the introduction of the metaverse and play-to-earn (P2E) establishing unprecedented functionality and utility of the assets. For these utility NFTs, separating the ownership and use rights, will significantly unfreeze the liquidity of these NFTs, like Axie Infinity. NFT rental marketplace, as a way to match the investors and users, is of great use to add more value to the NFTs and lower the shreshhold of the games as well, which will ultimately expand the user space for gaming.


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