Double Protocol Crypto Analytics & User Data

Should I buy Double Protocol?

Double Protocol is an open-source protocol for lending and renting ERC-721 and ERC-1155 NFTs. How does renting NFTs work? First, the division of property rights must be achieved. When renting an NFT, it’s important to make it **impossible **for ownership rights to be violated by the user in the first place. However, with using ERC-721, it is difficult to extend ownership to both the owner and the renter. In this regard, Double has created a new rental solution, NFT standard ERC-4907, and ERC-5006, that allow the property rights to be split between the owners and the user. Second, a system of user rights management must be implemented. While a simple registry would be enough for the ownership rights of standard ERC-721 tokens since most will only have one owner, it often isn’t enough to track user rights because there could be multiple users that have access to user rights at different points in time. In this regard, Double supports the Time NFT Standard, EIP-5007, which adds start and end times in NFTs for the management of usage rights. In the Double protocol, it is also called “doNFT”. Finally, user rights trading can then be enabled. At present, NFTs are mainly traded in two modes: P2P and P2Protocol. Due to the lack of a stable and effective oracle to obtain the price, Double currently mainly uses the p2p model for the transaction of the right to use. In view of the specificity of the right of user, Double has introduced functions such as installment payment.