Double is an open source protocol for lending and leasing NFT standarts ERC-721 and ERC-1155.
How to rent NFT
- Separate property rights. When leasing NFTs, it is necessary to make it so that ownership rights can't be violated by the user. However, in the ERC-721 standard, extending ownership rights to both the owner and the renter is challenging. Identifying this problem, the Double Team created a new rental solution - the NFT standards ERC-4907 and ERC-5006. These standards allow ownership rights to be shared between the owner and the user.
- A user rights management system must be implemented. This means that the project needs to know what users and owners can and can't do. For example, users usually cannot sell NFTs.
Generally, a simple registry is sufficient to track ownership of standard ERC-721 tokens, since most of them will have only one owner. In the case of ERC-4907 and 5006, this isn't enough, as multiple users may own the right to use the token at any given time.
Because of the time-based nature of the above standards, Double supports the Time NFT standard, EIP-5007. Standard 5007 adds a start and end time that defines how long a person can use the NFT. In Double's protocol, this is referred to as “doNFT. - User rights trading must be enabled. Double currently uses the p2p model for user rights transactions.
