On Tuesday, June 28, the rentable nonfungible token (NFT) standard EIP-4907 submitted by the NFT-rental marketplace Double Protocol passed the final review by the Ethereum network development team and became the 30th ERC token standard.
This standard realizes the separation of NFT ownership and usage rights and is the first to automatically withdraw usage rights upon expiration. The ERC-4907 standard will greatly reduce the development and integration costs of utility NFT leases for games, the metaverse, membership cards and more, making NFT assets more liquid.
Currently, Double Protocol supports virtual land rental in Decentraland and in-game-asset rental in Warena. Twelve projects have confirmed the ERC-4907 standard’s application.
With the ERC-4907 standard, the renter can complete particular operations with a leased NFT but can’t transfer the asset to a third party or assume complete control. This approach is an efficient rental experience that protects owners and tenants.
NFTs saw a surge in popularity and the introduction of the metaverse and play-to-earn with expanded functionality and asset utility. For these utility NFTs, separating ownership and use rights will significantly unfreeze the liquidity of NFTs, such as Axie Infinity digital assets.
Double Protocol’s NFT rental marketplace wants to add more value to NFTs and lower the gaming entry barrier.
