Double Protocol — an open source protocol for NFT lending and leasing of ERC-721 and ERC-1155. The biggest difference between a non-fungible token (NFT) and a fungible token (FT) is that FT usually only has financial value and can only be used for trading, betting, etc. while NFTs usually have a very clear value uses such as Decentraland's LAND NFT which can help to create scenes and Axie's NFT which can help to play games etc.
About the Double Protocol project
Double recommends using the Rental NFT standard: ERC-4907 directly so that the project side and the lease agreement can be completely separated from each other, thus development and docking is permissionless and completely open. For cases where the NFT contract is already deployed and cannot be updated. Double recommends Wrapped Models, which turn the original NFT into an NFT that conforms to the Rental NFT standard and includes the user's role.
Other features:
| 1 | Double Market mainly facilitates doNFT transactions and is responsible for all transactions, settlement of funds, etc. |
| 2 | Although doNFT complies with the ERC-721 standard, general purpose NFT trading platforms such as Opensea cannot comply with doNFT transaction requirements because doNFT transactions are not simple owner transfers that are often accompanied by duration changes, splits and mergers. |
Most of the transactions are one-time transactions, the lease can last for a long time, and the characteristics of the business will generate proprietary requirements, such as payment in installments, etc., so there must be its own market to satisfy.
More about defi app
DoNFT is an NFT with a valid duration. This helps to ensure that the NFT expires at the end of the lease. Through Double, the market contract mints NFT for the tenant after they pay the rent. Thus, they are entitled to any further action on the underlying assets.
A factory smart contract adds new NFT contracts to the platform, and a market contract facilitates all NFT rentals. Any ERC721 based NFT can be rented, using the Double NFT Rental Protocol.