Ethereum Development Team Passes Double Protocol’s EIP-4907 As The 30th ERC Standard
- Double protocol’s rentable NFT standard (Ethereum improvement proposal, EIP-4907) has been given the ‘final’ status by the Ethereum development team. Hence, the EIP-4907 designation has now switched to the Ethereum request for comment, ERC-4907.
The standard ERC-4907 uses the advanced ‘expires’ function to authorize automatic expiration. It also uses the same function to execute a time-limited role of the user. Including this ‘expires’ function is an important part of the NFT rentals process. For instance, NFT owners would no longer have to withdraw user rights manually.
A side benefit of this function is that it lowers gas costs. Gas costs usually rise because the process of leasing NFT assets without the ‘expires’ feature is hugely complex.
ERC-4907 and the NFT Market
The rising demand for NFTs made them more popular. NFTs have become more in demand following the introduction of play-to-earn (P2E) games and the metaverse. GameFi, a popular p2e game, requires huge NFT contributions.
GameFi is currently valued at $21 billion and is one of the top players in the $170 billion gaming niche. Also, the metaverse has increased NFTs’ usability. NFTs are the gateway to the digital economies and virtual economies of the metaverse. Unfortunately, mainstream users struggle to access NFTs due to exorbitant purchase costs and hyperinflation.
NFT rental platforms became a necessity with the rising need for NFT usability and as assets. These NFT rental platforms have the added advantage of influencing the NFT market liquidity. Separating ownership and NFT usage rights became necessary to create a risk-free, seamless rental experience.
Using the ERC-4907, it becomes easy to separate user and owner rights to NFTs. The ERC-4907 boasts high-level security and composability. Hence, it might soon be one of the most important token standards. Under the usage rights, the user can access the NFT address and use the NFTs for a specified period.
However, they have no rights of transfer over the NFTs. Once NFT creators adopt this model as the standard for NFT development, growth and innovation in the NFT space will be faster. With the ERC-4907, GameFi projects can integrate double protocol without long codes. Also, they can use the timer feature to remove the added challenge of on-chain transactions.
An Important Goal
ERCs quicken the actualization of Ethereum’s cross-platform portfolio. An ERC-4907 launch simplifies the interoperability of applications under a unified standard.
The Double Protocol is behind the foundation of the GameFi and metaverse. One of Double Protocol’s goals is to provide its partners with zero-code licenses and free access to achieve smooth integration with other partners using the standard.
Unfinished NFT contracts have made the application of double protocol’s ERC-4907 practicable. Launching a rental NFT standard is the start of another broader application of the Ethereum network, and Double Protocol is leading the way.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
