The Ethereum ERC-4907 standard will unlock the potential for the NFT space to rent out tokens. At the end of June, the standard entered the final stage of development. After its implementation in intelligent contracts, leased NFTs will become an integral part of blockchain games, metaverses, and much more.
Ethereum ERC-4907 will allow the owner of any NFT to rent a token without the participation of intermediaries. In other words, the standard will separate the rights of NFT owners and users. At the end of the lease period, the token will automatically return to its owner.
Double Protocol, which developed this standard, is confident that Ethereum ERC-4907 will bring blockchain games and metaverses to a new level, as many game actions, for example, associated with virtual earth, will become much more manageable.
Separating NFT rights is not a new practice in the gaming industry. Guilds, for example, buy in-game NFTs and then let players use them in exchange for a cut of the profits.
Double Protocol considers gaming guilds’ significant stakeholders that will appreciate the ERC-4907 standard. Double Protocol will also create tools that allow organizations to create new guilds at the click of a button or control income distribution between tenant and landlord.
The ERC-4907 standard can be applied on top of existing ones, such as ERC-721 or other Ethereum standards. The owner of the NFT can set some parameters for the tenant, such as when the token will return to its owner.
