Double Protocol lays out extensive usage scenarios for NFTs in the latest roadmap
ERC-4907, which received “final” status last month to become the 30th ERC standard on Ethereum, is a revolutionary token standard that streamlines NFT rental by introducing dual roles of token “owner” and “user” – the standard team. This makes the NFTs rentable by default and allows NFT projects to adopt the standard by adding just a few lines of code to check if an address is the current valid user or owner.
This allows NFT projects to spend more time working on the product instead of focusing on the NFT rental functionality at the application layer. Furthermore, the use of this standard greatly reduces the development and integration costs of utility NFT leases such as in games, metaverses and membership cards, enabling more liquidity in NFT assets.
Double Protocol has already deployed its rental protocol on both the Ethereum mainnet and the BNB chain and plans to expand to other major EVM chains such as Polygon by the end of 2022 and eventually to non-EVM chains such as Solana by 2023.
The first goal on the roadmap in 2022 is the launch of the “subscription” function. The “Subscription” feature will begin with the launch of ENS subdomain issuance going live in early August. As part of the development of the subscription feature, Double Protocol has also proposed ERC-5007, a time-based NFT token standard designed for subscription NFT.
Other goals planned for 2022 include launching support for renting ERC-1155 NFTs and the rent-to-own feature. To support the rental of ERC-1155 NFTs, the Double protocol has introduced ERC-5006 (an ERC-1155-compliant version of ERC-4907) which is now in “review” status. As for the “rent-to-own” feature, it can easily be described as a form of “buy-now-pay-later” feature.
The rent-to-own feature will allow a person to eventually purchase a utility NFT by paying part of the price of the NFT in the beginning and gaining access to the usage rights of the NFT in the form of “rental”. When the individual pays the full price for the NFT over a duration, they switch from “renting” to “owning” the NFT. This feature will be extremely useful in allowing users to purchase valuable NFTs that would otherwise be unaffordable.
Coming to the 2023 part of the roadmap, there are two goals that immediately catch our attention, i.e. the launch of two additional features for NFTs – the ‘Free Trial’ and ‘Licensing’ features.
The “Free Trial” feature allows projects such as games and metaverses to grant new users access to utility NFTs usage rights temporarily. This allows the projects to onboard new users by giving them real access to the full premium experience of the product. The “Licensing” feature, on the other hand, will enable partner projects to share the use and other IP rights of the NFTs with the licensee under customizable time frames and compensations.
Although all the functions discussed so far may seem like very different business applications for ERC-4907, the underlying business logic for them all has the same basis: trading usage rights for a given period of time. In addition to these features, Double Protocol is also planning the launch of two “tools” – the “collection management tool” and the “guild management tool” in 2022 and 2023, respectively. All these goals on Double’s roadmap signal a truly exciting and tool-filled future for the protocol.
SOURCE EmojiDAO
