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ERC-4907

Rental NFT

One of the popular standards widely used today is ERC-4907.

ERC-4907​

  1. Renting NFTs: ERC-4907 makes it much easier and safer to rent NFTs. This allows users to experience exclusive digital assets like digital art, in-game items, or virtual land for a limited time without committing to purchasing them. This is particularly valuable for:

Trying before you buy: Users can test-drive expensive NFTs before making a significant financial commitment. Accessing premium content: Users can rent in-game items or experiences for a brief period, increasing engagement and enjoyment. Sharing resources: Users can easily lend and borrow NFTs among friends or within gaming communities. 2. Democratizing access to high-value NFTs: Renting allows users to access NFTs they might not otherwise be able to afford. This expands the NFT market and makes it more inclusive for a wider range of users.

  1. Flexible engagement with NFTs: Unlike a permanent purchase, renting offers flexibility. Users can rent NFTs for specific periods based on their needs, making them ideal for temporary use scenarios.

  2. Increased liquidity and utility for NFTs: By enabling rentals, ERC-4907 potentially increases the overall liquidity and utility of NFTs. This could lead to higher valuations and more investment in the NFT market.

  3. Fostering new use cases: The rental capability opens up new possibilities for NFT usage beyond collectibles. Imagine renting virtual concert tickets for an exclusive performance or borrowing a digital fashion item for a special event.

Rental NFT Process

Read more about ERC-4907 here.

How does it work in DripVerse?​

Currently, this utility addition is only available on DripVerse Platform.

You can of course write a separate nft contract specifically on ERC-4907, which does minting and renting at the same time. However, this approach restricts you to potentially explore a larger modular space. DripVerse Stack provides with the same functionality as a utility. So, you won't have to mint a new contract for your digital assets.

Steps​

  • Visit your NFT page, and add new utility. If your contract already has an active rental utility active, you'll see this option.
  • You'll need to set a rent price and duration. This duration will set as ownership expiry time in unix timestamp.
  • When a user will come and rent out the NFT, a simple rent buy function will transfer the ownership for that duration to said user. On ownership expiry, the NFT will be available again to be rented.
  • If the same user wants to retain ownership, they'll need to rent out again.
  • We also have a subscription mode coming soon. This will allow a user to rent on per duration basis. (Do mind that subscription is run via an off-chain scheduler. More details coming soon.)