Ethereum developers have successfully completed work on the ERC-4907 standard, which will simplify the process of renting non-fungible tokens (NFTs) and reduce expenses.
The Double Protocol team’s initiative to create the ERC-4907 standard on the Ethereum blockchain has been put into practice. According to the team, the new standard has the potential to “greatly reduce the integration cost of utility NFT rentals for gaming, metaverse, etc.”
ERC-4907 is an extension of the ERC-721 standard and implements the innovative Expires feature, which allows the automatic determination of NFT rental terms. The addition of Expires is an integral part of the NFT rental process, and its realization eliminates the need to manually revoke renters’ rights.
Therefore, the new ERC-4907 standard enables:
- automatically revoke renters’ rights to access NFTs upon expiration;
- reduce NFT development costs;
- eliminate the reuse of NFTs thanks to the timer function;
- decrease the number of transactions in the network and commission costs.
The Ethereum Improvement Proposal (EIP) for ERC-4907 was initiated by the Double Protocol NFT rental service, based on which the new token standard will be tested. The service allows owners of non-fungible tokens to rent them without transferring ownership.
Ethereum developers have recently improved ERC-721 by adding a refund option for NFT purchases to its functionality.
