Double Protocol: Making NFT Rentals More Efficient
6/11/2022, 05:24 PM
Non-fungible tokens (NFTs) have been in existence since 2014, but they have only just come into the spotlight, garnering attention from investors and celebrities alike. Interestingly, the underlying technology and economies powering NFTs have gone well beyond profile pictures (PFP). Developers are creating new functions and utilities for NFTs thanks to concepts such as play-to-earn (P2E) and the metaverse.
Sadly, though, the cost of buying some NFTs is high, which makes these assets less accessible to mainstream users. Although the emergence of NFT rental platforms is changing the narrative, existing solutions still face issues such as lack of robust security and high development/integration costs.
Double Protocol aims to solve these problems through its newly launched Dual-Role NFT Standard (EIP-4907), a game-changer for the NFT rental market.
What is Double Protocol? Double Protocol is a decentralized NFT rental platform currently deployed on Ethereum and the BNB Chain. Right now, it supports rentals of virtual land in Decentraland and in-game assets in the popular GameFi project Warena.
The idea behind NFT renting is simple. Just as people can rent luxury homes and cars for a short period without owning them, renting an NFT allows users to enjoy the experience and use it for a limited time without having complete ownership of it.
The NFT rental marketplace offers users access to a wide range of NFTs they can choose from, including in-game assets, virtual estates, digital art, financial NFTs, and collectibles.
Double Protocol aims to lower the threshold for Web3 users to enter the metaverse or GameFi via simple and inexpensive NFT rental services while extending the liquidity and functionality of NFTs.
The project is built by a team of developers, game product experts, tokenomics designers, and marketers who have been in the crypto space for over five years.
The Dual-Role Standard (EIP-4907) For NFT Rental In April, Double Protocol launched the Dual-Role NFT Standard (EIP-4907), a critical component for NFT lending that allows the project to separate NFT ownership and usage using a Dual-Role mechanism.
In other words, the EIP-4907 standard, which has been merged into the Ethereum master branch, allows owners to rent their NFTs to other users without transferring ownership.
For any GameFi projects, it will only take about 30 lines of coding to integrate Double Protocol. With EIP-4907, this integration can be done even faster with no coding required.
Double Protocol is not the first of its kind to utilize the Dual-Role model to separate the usage and ownership of NFTs. Nevertheless, the team noticed a lack of consensus on naming and implementing the Dual-Role mechanism, which makes collaboration difficult. This is why Double Protocol proposed EIP-4907.
Applying the EIP-4907 to the smart contract allows Double to easily extract the user rights from the ownership, which is the key to enabling rental. Additionally, the dual-role standard has an expi
Sadly, though, the cost of buying some NFTs is high, which makes these assets less accessible to mainstream users. Although the emergence of NFT rental platforms is changing the narrative, existing solutions still face issues such as lack of robust security and high development/integration costs.
Double Protocol aims to solve these problems through its newly launched Dual-Role NFT Standard (EIP-4907), a game-changer for the NFT rental market.
What is Double Protocol? Double Protocol is a decentralized NFT rental platform currently deployed on Ethereum and the BNB Chain. Right now, it supports rentals of virtual land in Decentraland and in-game assets in the popular GameFi project Warena.
The idea behind NFT renting is simple. Just as people can rent luxury homes and cars for a short period without owning them, renting an NFT allows users to enjoy the experience and use it for a limited time without having complete ownership of it.
The NFT rental marketplace offers users access to a wide range of NFTs they can choose from, including in-game assets, virtual estates, digital art, financial NFTs, and collectibles.
Double Protocol aims to lower the threshold for Web3 users to enter the metaverse or GameFi via simple and inexpensive NFT rental services while extending the liquidity and functionality of NFTs.
The project is built by a team of developers, game product experts, tokenomics designers, and marketers who have been in the crypto space for over five years.
The Dual-Role Standard (EIP-4907) For NFT Rental In April, Double Protocol launched the Dual-Role NFT Standard (EIP-4907), a critical component for NFT lending that allows the project to separate NFT ownership and usage using a Dual-Role mechanism.
In other words, the EIP-4907 standard, which has been merged into the Ethereum master branch, allows owners to rent their NFTs to other users without transferring ownership.
For any GameFi projects, it will only take about 30 lines of coding to integrate Double Protocol. With EIP-4907, this integration can be done even faster with no coding required.
Double Protocol is not the first of its kind to utilize the Dual-Role model to separate the usage and ownership of NFTs. Nevertheless, the team noticed a lack of consensus on naming and implementing the Dual-Role mechanism, which makes collaboration difficult. This is why Double Protocol proposed EIP-4907.
Applying the EIP-4907 to the smart contract allows Double to easily extract the user rights from the ownership, which is the key to enabling rental. Additionally, the dual-role standard has an expi