NEW TOKEN STANDARD THAT WILL CHANGE THE GAME
The Ethereum New Token Standard that will Revolutionalize NFT Rentals
Heard the news? The Ethereum network development team approved the new token standard! Let’s review it, shall we?
EIP-4907 standard is an extension of ERC-721 that introduces the dual roles of ‘owner’ and ‘user’ at its application layer.
ERC-4907 streamlines NFT rentals through an automated function, which enforces the time-limited role of the user. This feature makes NFTs rentable by default. And owners no longer have to manually withdraw user rights, eliminating a tedious process and another on-chain transaction.
Hmmm…What do these changes mean for users?
For any GameFi project, it takes about 30 lines of coding to integrate Double Protocol. With EIP-4907, this integration can be done with no coding required. Applying the EIP-4907 to the smart contract easily extracts user rights from the ownership.
The popularity of NFTs saw a demand for their purchase. However, high costs for purchase and hyperinflation decreased accessibility for the mainstream user. We at Jelvix expected this rise of NFT rental platforms as they became an inevitable necessity.
Don’t you think the standard should’ve been introduced long ago? Drop a comment.
Aren’t you wondering what’s the Difference between ERC-4907 and ERC-721? Let's review it in this video