Double Protocol is an entirely decentralised NFT rental platform with a huge network of partners. They are already active on Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom Network, Arbitrum, PlatON, OKXChain, Moonbeam, Thundercore, Cronos, Liberty 2.X… and now our very own Redlight Chain! Our relationship with Double Protocol is incredibly collaborative and has surpassed the bounds of utility alone.
We are committed to supporting each other's growth in organic, actionable ways – and together, we will propel Web3 forward by leveraging our unique innovations and the strong bond that we have established through our extensive discussions.
“The gasless blockchain revolution being led by Redlight closely matches our vision to breakdown the barrier to entry to NFT based gaming. We are not only excited to add our utility to the gasless ecosystem but will actively support user acquisition, seamless rental experiences and ongoing developments on Redlight.”
- James Lucas, Partnerships Lead @ Double Protocol
Double Protocol will be directly aiding us in forging connections on a business development level, and we are extremely enthusiastic about the prospects of this highly productive partnership. Get ready for rapid acceleration on multiple fronts…get ready for everything, everywhere.
By working with various projects and promoting them to its user base, Double Protocol is helping to increase the visibility of projects and connect them with a wider audience. This creates a massive interconnected network effect for any project that partners with them.
Additionally, Double is increasing liquidity and value for NFT projects by allowing users to rent and lend NFTs. Many of these are NFTs that would otherwise be rendered unaffordable for most - unlocking what would normally result in an illiquid market and instead creating a new mechanism for passive income generation.
As a result of these key factors, NFT holders are now more incentivized than ever to promote the projects they are involved in. Essentially, when they promote their NFTs as rentable products, they are also promoting the underlying project. So it becomes a win-win scenario for everyone.
This has led to Double Protocol growing from 4 partners this time last year to over 100 gaming and ecosystem partners today. These partners include games and dev tools including, but not limited to:
And over 100 more!
Double Protocol’s cutting-edge marketplace enables users to rent NFTs, just like one would rent a luxury car or home without the need to actually own the item. This innovative platform makes it possible to enjoy the experience and utility of an NFT, regardless of its nature.
Digital art, virtual land, collectibles, in-game assets, and more…the possibilities are truly endless. By providing an avenue to rent simple and cost-effective NFTs, Double Protocol is shattering the barriers of entry to the world of Web3.
This ultimately extends the liquidity, functionality, and overall power of NFTs, making it so much more accessible for people to participate in – and benefit from – the continuously growing NFT ecosystem.
Double Protocol has been making waves in the Ethereum community for a while now. With three Ethereum standards under their belt: ERC-4907, ERC-5006, and ERC-4906 – all thoroughly tested and accepted by the Ethereum Foundation – it’s clear that they are committed to pushing the space forward as a whole.
Their contributions demonstrate the depth of relationships that the founders have established with the Ethereum leadership and community, and their dedication to building innovations that can benefit everyone involved.
These standards are gamechangers, and we’re excited to explore the unlimited potential they unlock for Redlight Network.
Double Protocol has invented the ERC-4907 standard, which is essentially a rental upgrade to ERC-721. It separates user rights from ownership rights to allow decentralized rentals.
Here's how it works: you wrap your ERC-721 token in an ERC-4907 wrapper and then you can loan out your ERC-4907 token. It moves to someone else’s wallet temporarily.
Developers can then see that it’s in their wallet and provide them the utility for that token. The token then moves back to the original wallet once the rental period is done. And the best part? ERC-4907 tokens are FULLY BACKWARDS COMPATIBLE which means that everything you can do with your 721 token, you can also do with your 4907 token.
With over 650 adopter projects already live on mainnet and over 2500 collections building on testnet, ERC-4907 is gaining major traction in the NFT community. As an NFT owner, the benefits are clear and irresistable: you can earn residual passive income from your NFTs by lending them out, unlocking a whole new world of possibilities.
ERC-5006 is an upgrade to ERC-1155, a standard invented by Enjin whose marketing and adoption was handled by none other than our very own Simon Kertonegoro and is now the third most used token standard in the world.
One of the key benefits of the ERC-1155 standard is its ability to optimize gas usage and reduce transaction costs. Something that will be completely supercharged by Redlight Chain’s gasless blockchain as it virtually renders utility cost to zero.
ERC-1155 also offers enhanced security features by allowing the contract to control and manage the transfer of tokens. This means that users can trust that the tokens they receive are authentic and that the contracts are secure. Overall, the ERC-1155 standard has become a popular choice for developers looking to create efficient and flexible smart contracts for their NFT projects.
This ERC model splits user rights from ownership rights to allow decentralized rentals. Similar to ERC-4907, as an NFT owner, you can earn residual income on your NFTs by renting them out. And just like ERC-4907, ERC-5006 is fully backwards compatible.
ERC-5006 is another step towards the decentralized future unlocked by NFTs, and it's exciting to see what the future holds for this standard.
What Double Protocol is doing is no less than revolutionary, and truly opens up a whole new world of possibilities. It's exciting to see what the future holds for Double Protocol and the NFT community… doubly so, now that Double Protocol can fully utilize the power of Redlight Chain.
We look forward to co-marketing with Double Protocol, and sharing Deal Flow. This will help us expand our network, while helping them expand theirs.
Beyond that, with Double Protocol working its magic and our revolutionary gasless blockchain architecture providing a developer’s dream environment, there’s no telling what incredible things creators will accomplish in our network. The future has never looked brighter for the platform and ecosystem we are building, and we are thrilled to continue this epic journey with all of you and our increasing roster of powerful new partnerships.
The Redlight Revolution continues…and we’re only just getting started.
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