What happens when you list an NFT on Double NFT Rental Protocol?
Listing an NFT on Double is as easy as it sounds, you just need to approve and choose the NFTs that you would like to list.
The main goal is to make NFTs accessible to everyone, even the people that cannot afford to buy an NFT for various reasons. Using Double Protocol, you will be able to rent or list your NFTs and make a passive income with them if you list them.
If you list your NFTs:
Don’t worry, thanks to the EIP 4907 you will never lose your ownership rights like selling, because the renter only has the right to use the NFT for a period of time. After that time expires the renter automatically loses the access to the NFT and you will be able to rent it to someone else or use it to play by yourself.
We call this NFT feature Dual-Roles and projects like ENS and Decentraland have already adopted it.
Here’s a diagram that shows how the owner’s rights are different from the user’s rights:
Why is it a good idea to list your NFTs?
Basically, this allows you to collect NFTs freely knowing that even if you don’t have time to use them in the games you will still be able to generate passive income by renting them out.
What are the benefits of the EIP 4907?
- The owner of the NFT doesn’t have to worry about the security of the rented NFT.
- It’s a unified standard to facilitate collaboration amongst all applications.
- The renter only has temporary access to the NFT when the time expires the NFT automatically returns to the owner ready to be rented again or used by the owner. All of this is possible thanks to the “expires” function that prevents inefficiency in labor and gas because there’s no second on-chain transaction needed.
