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, and after its implementation in smart 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.
The company 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 easier.
New standard will allow NFTs to be leased
The separation of NFT rights is not a new practice for 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 to be major stakeholders that will definitely 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 the distribution of income 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 a number of parameters for the tenant, such as the time when the token will return to its owner.
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