Double Protocol (EIP-4907) is a decentralized NFT lease platform running on Ethereum and Binance Smart Chain. Currently, it supports the rental of virtual lands in Decentraland and in-game assets from the popular GameFi project Warena.
NFTs are non-tradable tokens that have been around since 2013. You can find the detailed study on NFTs previously on Koin Bulletin here.
What is Dual Protocol (EIP-4907) enabling NFT leasing?
Dual Protocol, Ethereum and Binance Smart Chain It is a decentralized NFT rental platform running on The idea of NFT rental is very similar to today’s conventional car rental or home rental logic. Thanks to this protocol, users get the NFT they rent for certain periods.
The NFT rental marketplace offers users access to a wide variety of NFTs to choose from, including in-game assets, virtual properties, digital art, and collectibles. Dual Protocol raises the liquidity and functionality of NFTs through easy and cheaper NFT rental services Web3 users’ metadata or GameFiIt aims to facilitate their entry into.
The application of EIP-4907 to the smart contract allows Double to easily dispossess the user rights that are key to enabling the lease. Additionally, the dual role standard has an expiration function; Thus, the borrower’s rights to use on-chain It ends automatically at the end of the rental period without the need for any processing.
For each lease made, a representation will automatically be made to represent the original NFT to represent the rights of the user. “doNFT” creates. The doNFT created after the tenant user has made the payment will be given to the tenant according to the terms of the contract. For example, you rented a parcel in Decentraland for three months. The respective doNFT represents your right to use the land during that lease term. When the lease term expires, the doNFT contract automatically cancels the borrower’s usage rights.
This bilateral solution will be an incentive for entry into the NFT space, given that borrowers do not have to make large deposits and NFT holders are not worried about the security of their assets and credit risks.
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Shrug, founder of “Double Protocol”, said in an interview with AMBCrypto:
Double’s long-term goals will focus on two main directions. One of them is to drastically lower the threshold for web3 users to enter the metaverse or gamefi via rental, while increasing the liquidity of NFTs at the same time. Second, to extend the functionality of NFTs. doNFT is our first attempt in this direction and we will continue to unlock functional scenarios for NFTs in the future.
While this new model is game-changing for the NFT rental market, according to many reviewers, the NFT rental platform “Double Protocol” is an excellent example that aims to solve the growing problems in the NFT industry with the newly launched Dual Protocol NFT Standard (EIP-4907).