Double Protocol has created a new rental solution, the NFT ERC-4907 and ERC-5006 standard, which allows ownership to be divided between owners and users.
About the Double Protocol project
Double Protocol — a fully decentralized NFT lease protocol that aims to connect NFT holders with users in the marketplace on the network. In Double Protocol, you can rent in-game NFTs that you need, such as a race car to participate in a blockchain racing game or other NFT props, which is the key to earning.
Double supports the Time NFT standard, EIP-5007, which adds start and end times to the NFT to manage usage rights. In the Double protocol, this is also called "doNFT". Double currently mainly uses the P2P form for the right to use transactions. Due to the specifics of the user right, Double has introduced features such as installment payment.
Other features:
| 1 | The project 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 do not require permission and are completely open. |
| 2 | This method is suitable for situations where NFTs have not been deployed or an NFT contract that has been deployed can be updated. |
For cases where the NFT contract is already deployed and cannot be updated, Double recommends Wrapped Models, which turns the original NFT into an NFT that conforms to the Rental NFT standard and includes the user role.
Click on the "Rent" button and enter the number of days for which you want to borrow NFT. The total cost of renting NFT will be calculated automatically. Next, re-read the terms and confirm the transaction in your wallet by paying the commission and the total rental price. Once the transaction is approved, data synchronization will begin and it will take a few minutes to populate the data on-chain with the database.
What is DoNFT?
DoNFT - an ERC721 extension that has a duration list, containing a start time and an end time. Duration indicates that the owner of the NFT is eligible to use that NFT during that period. DoNFTs can be split into new DONFTs or combined with new doNFTs by duration. Any ERC721 based token can be mapped to doNFT, using the “doNFT Factory” smart contract.
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