AlterVerse is collaborating with Double Protocol to bring a new type of NFTs into their “AlterVerse” – Rentable NFTs. As the two Web3 companies partner, you can already see the Double Protocol virtual office in the AlterVerse as we speak.
The players can now visit the office and talk to agents to know more about rentable NFTs (real estate), how much they can earn, and browse all the available locations. To enable the metaverse land and real estate NFTs to be rentable, AlterVerse will use the Double Protocol NFT rental platform.
Built by the same team that built the ERC-4907 standard, Double Protocol is a fully decentralized and open-source NFT rental protocol. Different metaverses and GameFi assets use it as a marketplace.
The core purpose of Double Protocol is to offer a rental protocol that connects NFT owners with potential NFT renters. NFT renters can leverage these digital assets for a limited amount of time.
Double Protocol and ERC-4907
The team built the ERC-4907 standard to revolutionize the NFT rental system – it ensures that ownership rights are different from usage rights regarding NFTs. The rental NFT standard passed the final review by the Ethereum development team on June 28, making it the 30th ERC standard.
The ERC-4907 standard, which adds the dual roles of “owner” and “user” at its application layer, is an expansion of ERC-721. Through an automated “expires” function that enforces the user’s time-limited role, ERC-4907 optimizes NFT rentals. By eliminating the need for owners to actively withdraw user rights, this ground-breaking feature makes NFTs rentable by default and prevents yet another on-chain transaction.
AlterVerse is an immersive virtual world built with Unreal Engine 5. In the metaverse, players can buy land, lend, lease, build, gather resources, craft NFTs, and do much more in order to benefit from its play-to-earn mechanism.
AlterVerse was also part of the Binance Labs Incubation Program, and they’ve already completed Season 4.
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