Double Protocol’s rentable NFT protocol meets Ethereum’s Final Standard Network

The Ethereum network development team approved the rentable nonfungible token (NFT) standard EIP-4907 filed by the NFT-rental marketplace Double Protocol, making it the 30th ERC token standard.

Jun 30, 2022
by Anvi Saini
Double Protocol’s rentable NFT protocol meets Ethereum’s Final Standard Network
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How will the ERC token standard benefit?

Basically, this standard separates NFT ownership and usage rights and is the first to automatically revoke usage rights when they expire. The ERC-4907 standard will significantly lower the creation and integration costs of utility NFT leases for games, the metaverse, membership cards, and other applications, increasing the liquidity of NFT assets.

Double Protocol currently enables virtual land leasing in Decentraland and in-game asset rental in Warena. Overall, twelve projects have confirmed the ERC-4907 standard’s application.

The renter can conduct specific operations with a rented NFT under the ERC-4907 standard, but cannot transfer the asset to a third party or assume complete control. This method provides an effective rental experience while protecting both owners and tenants.

With the introduction of the metaverse and play-to-earn with enhanced functionality and asset utility, NFTs saw a boom in popularity. Separating ownership and usage rights for these utility NFTs will considerably increase the liquidity of NFTs such as Axie Infinity digital assets.

Furthermore, numerous blockchain games that utilize NFTs will benefit from this standard. The technology will allow users to lend each other in-game items effortlessly and securely without worrying about their safety.

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