On Tuesday, June 28, the Ethereum network development team approved the rentable nonfungible token (NFT) standard EIP-4907, which was provided by the NFT-rental marketplace Double Protocol, and it officially became the 30th ERC token standard.
This standard is the first to automatically revoke usage rights upon expiration and realizes the separation of NFT ownership and usage rights. The development and integration costs of utility NFT leases for games, the metaverse, membership cards, and other uses will be significantly reduced by the ERC-4907 standard, increasing the liquidity of NFT assets.
At the moment, Double Protocol supports both in-game asset rental in Warena and virtual land rental in Decentraland. The application of the ERC-4907 standard has been verified by twelve projects.
The ERC-4907 standard permits the renter to perform specific operations with a leased NFT but prohibits the transfer of the asset to another party or the assumption of total control. This strategy offers tenants and landlords a productive rental experience.
With the introduction of the metaverse and play-to-earn with increased functionality and asset utility, NFTs experienced a surge in popularity. Separating ownership and use rights will significantly increase the liquidity of utility NFTs, such as the digital assets offered by Axie Infinity.
The goal of Double Protocol's NFT rental marketplace is to increase NFT value while lowering the barrier to entry for gamers.
By fLEXI tEAM