Digital Collectibles

Double Protocol NFT Rental Platform

Double Protocol NFT Rental Platform

Double Protocol is an NFT rental platform for in-game and metaverse assets. The fully decentralized platform uses a dual-role NFT standard EIP-4907 that easily separates ownership and usage rights. The new standard introduced by the platform reduces the integration costs of NFT leases for games, metaverse, and other NFT sectors. The platform supports the rental of virtual land in Decentraland and in-game assets in the GameFi project Warena. It also offers Web3 Domain Subscription alongside other web3 products.

Double Protocol recently raised $1.5M in a seed round led by Matrixport, Shima Capital, Youbi Capital, Red Building Capital, and LucidBlue Ventures in March this year. Double Protocol also partnered with the sci-fi RPG, Ascenders to integrate NFT rentals for Ascender NFT Lands.

Double Protocol Partners

What is doNFT in Double Protocol?

Double Protocol uses the concept of a duration NFT called doNFT to represent NFTs with valid duration. It ensures that the NFTs are valid only during the rental period and expire when it ends. Using the doNFT, users can lend or rent doNFTs on Double marketplace, split the doNFTs into multiple smaller durations, and merge the doNFTs into more extensive duration. The doNFT is an ERC-721 token containing the rental period’s start and end time. Any ERC-21 tokens can be mapped to the doNFTs using its smart contract.

Work Flow of Double Protocol NFT Rental Platform

Ownership in Double Protocol Platform

In other NFT rental platforms, the ownership of NFTs is transferred to the renter during the rental period, but in the Double Protocol platform, the ownership is never transferred to the user. Instead, a doNFT is transferred to the user, which contains all the metadata. 

As long as users keep paying the rental fees of the tokens, the doNFT token will be mapped. If the user stops paying the fees, then the doNFT expires automatically. Using Double Protocol’s Platform, the NFT owners need not transfer ownership of the NFT; instead, they can hold and original NFT and keep renting it.

About Double Protocol Platform:

The Double Protocol platform allows users to lend and rent NFT assets. Players must connect a crypto wallet to the NFT platform to rent an asset. There are several NFT collections, such as Nova Creed: Avatars, Decentraland, ENS, Warena, and many more. Users who want to lend NFTs can list them on the marketplace. 

The platform does not charge any collateral fees from the renters and provides instant access to the NFTs once rented. Double Protocol also allows the formation of guilds. By creating or becoming a part of a guild, companies can provide easy token issuance, on-chain governance and get access to a powerful dashboard to monitor financial strategies. Furthermore, all NFT asset contracts are automatically deployed with a single click using the platform. Also, NFT holders can easily make rental income by enhancing the project’s economy’s stability.

A gaming enthusiast since childhood. Got attracted to the new concept of crypto-gaming and blockchain and fell in the rabbit hole. Now getting ready to dive deep in the metaverse.