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Building on ERC-4907
Every person who was excited about blockchain technology before 2021 must be really happy about how NFTs made blockchain technology go mainstream. Smart contract platforms like Ethereum benefited greatly from the ecosystem of art digital collectibles which has captured so much attention. With greater adoption of NFTs, it becomes natural to ask the question of how NFT technology can achieve the next level of its potential. At Jaypigs, we believe that the next iteration will be unlocked if we manage to solve the NFT renting problem. There are many challenges coming primarily from limitations by the technology or limitations from standardization.
Jaypigs Renting model
The Ethereum development team has approved the ERC-4907 standard, which extends the NFT functionality provided by ERC-721. The standard is not perfect but for the first time, we have a standard which enables renting by implementing a user with time-limited access.
This is a positive development for the industry, but it does not solve all of the problems. Most of NFTs issued today do not follow this standard. Additionally, the problem of composability across blockchains is a complicated one. Desirable NFTs may live on a blockchain, but cannot have utility on a different blockchain.
At Jaypigs, we are building on top of this new standard to bring the best of NFT collections and collectible items from all blockchains, into one unified Renting marketplace. With our wrapping and certified copies registery technology, users are able to use and rent their asset as in-game assets on all blockchains.