The Double Protocol oversees the development and implementation of EIP-4907, which provides a pathway for NFT leasing. This new backward standard that is consistent with the ERC721 standard makes it possible to dissociate the right to use the NFT from the right to own it.
EIP-4907 facilitates the leasing of NFTs
Thanks to Ethereum Improvement Proposal number 4,907 (EIP-4907), it is now possible to place non-fungible tokens on it (NFT) for rent. This technical innovation provides a new pattern for NFTs: ERC4907 tokens.
It’s actually a backward compatible expansion in the initial standard of NFTs, which is the ERC721 token. This update is made and supported by Double Protocol:
We are inspired to announce that the EIP-4907 proposed by the Double team has updated its status to final, becoming 1 of 30 Ethereum token standards.
The ERC-4907 significantly reduces the cost of integration with NFT utility leases for gaming, metaverse, and more. https://t.co/gMOwgKVdI1
– Dual Protocol – NFT Lease Accelerated (@DoubleProtocol) June 29, 2022
Duplicate is already allowed rent to NFTfor the Ethereum Name Service (ENS) domain name protocol, the Decentraland (MANA) metaverse and the Warena (RENA) blockchain game.
👉 To proceed – Find our guide to non -fungible tokens (NFT)
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The actual operation
All interest brought by EIP-4907 is in separation of ownership of an NFT from usage rights in this one. In other words, this new tool makes it possible to delegate, for a period of time, certain rights granted by the NFT. More concretely, this is the example possible lease of land from a metaverse to create an ephemeral event.
Everything is pre -arranged, even the price of the rent, its duration and the rights it grants. This brings greater flexibility to the market. That way, you no longer have to spend hundreds or even thousands of dollars to play your favorite blockchain game.
It can be interpreted in another way. One would think that the owner of a Bored Ape Yatch Club (BAYC) NFT rent it, to allow others to attend a community event. In this way, he retained ownership of his propertybut generate more returns, temporarily monetizing it.
While price is sometimes important barrier to entry in the world of NFTs, this innovation has allowed for a huge improvement. Also, thanks to the blockchain, the right of ownership not asked. Such changes would make it possible to move towards true democratization of the general public.
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