New Ethereum token standard paves way for rentable NFTs
www.theblock.co
30 June 2022 21:03, UTC
Studying time: ~2 m
A brand new Ethereum token commonplace proposal permitting rentable non-fungible tokens (NFTs) reached its ultimate levels earlier this week.
The brand new rentable token sort, dubbed ERC-4907, permits an NFT proprietor to allow one other particular person to make use of their NFT for a delegated time frame. After that point ends, the consumer not has entry to the NFT.
Whereas it’s unclear whether or not the proposed token commonplace has formally gone into impact, it permits customers who could not have the funds or need to buy an NFT to nonetheless entry no matter utility that token supplies, whether or not it’s land in a digital world or a weapon in a blockchain-based sport.
The ERC-4907 proposal was put in place by Double Protocol, a agency constructing out the infrastructure for rentable NFTs for gaming and metaverse use.
Potential use instances for rental NFTs embody renting out land within the metaverse. For example, a person who owns land in Decentraland could sublet their property to a different particular person.
There are already some methods to lease play-to-earn gaming property by way of decentralized autonomous organizations (DAOs) akin to Merit Circle, nonetheless this proposal would handle the problem in a brand new manner.
Double Protocol didn’t reply in time to The Block’s questions on whether or not the token commonplace has gone into impact.
