Double Protocol is a Utility NFT marketplace developed by the team behind the ERC-4907 token standard. Double Protocol enables the lending, renting, and monetization of utility NFTs such as in-game items, metaverse land NFTs, PFP, among others. ERC-4907’s Dual-Role function separates the owner’s role from the user’s role, letting the owner monetize the usage rights of his/her NFTs by renting them to others for a specific period of time.
How Double Protocol Scales up Decentralization
Permissionless NFT marketplace like Double Protocol is a big part of the decentralized future. By introducing ERC-4907 to the larger crypto industry, Double Protocol provides a decentralized infrastructure for NFT owners by generating various utilities around their NFTs without giving up their ownership. The Double Protocol utility NFT marketplace is decentralized and does not keep custody of any NFT listed on its marketplace.
Double Protocol strongly believes in blockchains’ decentralized future; hence, all their products are designed to promote and scale up blockchain infrastructure.
Why is Double Protocol Partnering with Shardeum?
In late 2023, Double Protocol reached a strategic collaboration with Shardeum. This partnership encourages the adoption of ERC-4907 token standard in the Shardeum ecosystem leveraging the Double Protocol Utility NFT marketplace. It also means that Shardeum-based projects will have priority access to list their NFT collections on the Double Protocol utility NFT marketplace.
Double Protocol loves what Shardeum is building and all that they represent in India and beyond. As an EVM-based, highly secure and linearly scalable smart contract platform with a deep conviction for decentralization, Shardeum’s alliance with Double Protocol will create an avenue for both projects to collaborate on expanding blockchain and NFT adoption.
They are simultaneously planning to launch various events, promotions, and shipping of innovative products that appeal to Shardeum users together. They are also glad to contribute their resources to building on Shardeum, leveraging its low-cost, high-throughput blockchain and becoming the first movers in the Shardeum ecosystem.
Double Protocol Use Cases on Shardeum
How can you take advantage of ERC-4907 on the Shardeum ecosystem? Here is a run-down on what you can build on Shardeum using ERC-4907 token standard.
1. Deploy Rentable NFTs with ERC-4907
In essence, a rentable NFT is an NFT that is designed in such a way that you can deploy them to generate rental capabilities. That means the token owners can lend to others temporarily without ever relinquishing ownership rights. Usually, NFT tokens deployed using ERC-721 standard will require further smart contract upgrades and integrations to make them rentable. ERC-4907 solves this bottleneck by introducing an extra layer (extension) to ERC-721 called Dual-Role, which separates the Owners Role from the Users Role.
Builders in the Shardeum ecosystem looking to deploy their NFT collections can leverage ERC-4907 even if they want to make them rentable at a later point in time. Also, deploying NFTs using ERC-4907 saves cost and time. Considering the role NFT rentals will play in the mass adoption of the NFT industry, you now have an excellent opportunity to embed this feature in your own NFTs so you won’t have to spend your resources on re-deploying contracts and making complex upgrades to your ERC-721 tokens later when the need arises. By embedding ERC-4907 in your contracts, you can turn it on and off as you feel fit.
2. Make Existing ERC-721 NFTs rentable
Projects and builders looking to make their existing ERC-721 NFTs rentable can make use of the ERC-4907 Wrap models to achieve this purpose. The ERC-4907 token standard can be wrapped around existing NFTs generated in compliance with ERC-721 or other Ethereum standards, allowing the wrapped NFT to be read by rentable NFT marketplace smart contracts such as Double Protocol.
3. Other Use cases
ERC-4907’s versatility and unique features enable builders to unlock a variety of use cases beyond NFT rentals. ERC-4907 finds exciting use cases in ENS subdomain subscription services, product licensing, copyrights, GameFi, POAPs, real estate (including on metaverses!)and even in DeFi, as noted by Eric Nemeth. Interestingly, ERC-4907 can be integrated with any product that allows the owner of a property/digital asset to grant usage rights to other users for a particular period of time.
Getting started with Double Protocol and ERC-4907
- Here is a Video Explainer of what Double Protocol and ERC-4907 are all about.
- You can check Double Docs on how to lend and rent NFTs on the Double Protocol NFT rental marketplace. Below you can find the video tutorial
Get on Board
One of the numerous advantages of deploying NFTs using the ERC-4907 standard is that the NFT collection will automatically show up on the Double Protocol utility NFT marketplace or any other NFT marketplace that supports ERC-4907. In addition to NFT rentals, Double Protocol has a variety of products slated to launch in the near future, the most notable of which are Web3 Domain Subscription and Licensing services. Stay tuned. In the meantime, join us and contribute to our project as we build a solid future for decentralization together.
In no event shall Shardeum Foundation, “licensor,” its associates, its employees, its contractors, its board members, and its partners be liable for any special, direct, indirect, incidental, exemplary, or consequential damages, expenses, lost profits, lost savings, business interruption, lost information, or any other damages arising out of the use or inability to use the Shardeum blockchain, its layer one technology, its derived or compiled software, or its source code, even if such party has been advised of the possibility of such damages and notwithstanding the failure of essential purpose of any remedy. In no event shall the licensor be liable under any theory of liability, whether in an equitable, legal, or common law action arising hereunder for contract, strict liability, indemnity, tort (including negligence), or otherwise, for damages which exceed $1,000 and notwithstanding the failure of essential purpose of any remedy.
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Last Updated on August 18, 2023