What is Double Protocol? Double Protocol is a decentralized financial platform that allows users to easily rent or rent NFTs in gaming or metaverse platforms. So what’s special about this project? Let’s find out with Weakhand in this article.
To better understand the content of the article I will present below, you can read the following article about NFT Finance.
What is Double Protocol?
Double Protocol is a project developed on Ethereum that allows users to rent or rent NFTs in gamefi or metaverse platforms easily.
As usual, when renting NFTs it is necessary to ensure the user cannot violate property rights. However, with the ERC-721 standard, extending ownership rights to both owners and tenants is challenging.
To this end, Double has introduced an NFT called doNFT. Through the rental contract, Double will mint doNFT for the tenant after they pay the rent. At this point, tenants can use doNFT on any platform just like using the original NFT.
For example: The lessor owns 1 NFT which is a piece of land in the Decentraland platform. Tenants can use doNFT to farm, build, etc. on that land similar to using original NFT.
Double’s operating model
Double’s operating model is quite simple, taking place through the following steps:
- Step 1: Renters deposit their NFTs onto the platform. Then, complete the rental contract including: daily rent, rental term.
- Step 2: Renters search the list of rental NFTs and find the NFTs that fit their needs.
- Step 3: After finding a suitable NFT, the renter makes payments to rent that NFT. Payment fee = daily rental * number of rental days.
- Step 4: The payment fee will be passed on to the renter, and their NFT will be locked on the Double platform for the rental period. At this time, Double will mint 1 doNFT and transfer it to the wallet address for the tenant.
- Step 5: Tenants can use doNFT on any platform as if using native NFT.
- Step 6: After the rental period, the doNFT is burned and the NFT is returned to the owner.
What is the Difference in Double?
With Double’s doNFT model it is possible to separate ownership of NFTs from user rights. Furthermore, user rights can be transferred as easily and quickly as transferring NFTs.
Double supports the Gnosis wallet – a multi-signature wallet, meaning it will require multiple signatures from multiple wallets to approve a transaction. This increases security as well as avoids abuse of power by an individual within a group of owners of an NFT.
Core Team
Lareina L | Growth Lead
- Have more than 3 years of experience in Marketing at many companies such as: BitAsset, Nervos Network.
- In September 2021, she joined Double Protocol and is currently serving as head of growth.
Jonas Pardo | Art Lead
- He has held the position of Art Director at Lexis Live company since October 2017.
- In August 2019, he decided to quit his job and move to a new position as Producer at Mohu Tech company.
- Then in August 2021, he decided to move to Double Protocol and is currently holding the position of Art Lead.
Investor
March 16, 2022: Double Protocol announces successful call for $1.5M from investors such as: Matrixport, Shima Capital, Youbi Capital, …
Tokenomics
Update…
Double Project Information Channel
- Website: https://double.one/
- Twitter: https://twitter.com/DoubleProtocol
- Medium: https://blog.double.one/
- Discord:
summary
Double is a project that has a creative, novel direction and brings the crypto market closer to real-world applications. Hopefully this article has helped you understand more about Double.