Meet a Builder with Double Protocol
Curious about the world of web3 projects you can earn with, but short on time? Look no further than our Meet a Builder series.
In these short format interviews, we speak with the teams behind your favourite projects for their insights on what they’re building behind the scenes and what’s next. Join us for an inside look at the projects shaping the future of the web3 earning ecosystem.
In todays episode, we are delving into the world of NFT rentals with Double Protocol. We take a close look at how they are reshaping our interactions with in-game and in-metaverse NFTs, prompting a deep dive into their solutions for crucial issues within the NFT rental domain. From effortless user rights transfers to the intriguing realm of fractional NFT divisions, we uncover it all. Joining us today to discuss the path toward the future of digital asset ownership is Andrew, Partnerships Lead, from the Double Team.
SARAH, web3earner: Welcome back to our Meet a Builder interview Series where I have the pleasure of talking to the teams behind your favourite web3 earning projects.
Today, we’re diving into the world of NFT rentals with Double Protocol. Transforming the way we engage with in-game and in-metaverse NFTs. We’ll explore how they are addressing pressing concerns in the NFT rental space, from seamless user rights transfers to fractional NFT divisions. Joining us today to discuss the future of digital asset ownership is Andrew from the Double team. Andrew, how you going?
ANDREW, Double: I’m good – thanks for having me, I appreciate it.
SARAH: You’re welcome – lovely to have you here.
SARAH: Let’s begin with a brief explanation as to what Double is.
ANDREW: Yeah, absolutely. So, you definitely touched on it. We’re focused on NFT rentals, but in more detail, we’re a multi-chain NFT rental marketplace built for projects, holders, and users. We’ve built a collateralist NFT rental solution, which is powered by our own published ERC, which is ERC 4907. Our main goal at Double Protocol is to lower the barrier to user entry into the NFT space. We also are focused on unlocking liquidity for NFT holders. We believe that some of the barriers to entry for some of these NFT ecosystems are way too high, so we found that, you know, in the previous bull market, there’s a specific niche for individuals who want to test out ecosystems without having to own the assets.
SARAH: Amazing. There’s been so many times where I’ve wanted to participate in a specific community and I don’t own that NFT. So, I think what you guys are doing is a great idea and it’s going to be extremely useful.
ANDREW: Yeah, we see a lot of the application in the real world and it’s just a matter of time before we migrate that into the web3 realm, right? So, you have rental cars and Airbnbs and people who want to unlock liquidity of physical assets but don’t have the liquidity to do that. So, we see an opportunity here in the web3 ecosystem.
SARAH: Can you explain to us how people can actually earn with Double Protocol?
ANDREW: It’s relatively simple with Double, which makes it a super beneficial ecosystem. But in the current market, we have two major users. You have the “whale” who owns assets and has liquidity to own assets but may not have the time to play in the ecosystems. And on the other hand, you have a lot of users who don’t have the liquidity to own assets but do have the time to play in the ecosystem.
So, say I’m the owner – I can list my assets for someone to play with and I can earn passive income as if I’m the landlord of the house. I can have people pay me rent. That’s one way to earn.
And on the other side, if I am the renter of the house in web3 ecosystems, you have farming, you have airdrops, you have NFT collections – there’s a lot of different ways that the renter can own, specifically in-game, especially if it’s a play-to-earn ecosystem and earn that native token, just via the rental without having to own it.
So, those are the two major sides. But there is liquidity in a lot of aspects of the market. But just to summarize, it’s passive income – being subletting land or other assets, sub-domains with ENS, so creating sub-guilds, ecosystem names, and we do have some interesting stuff coming along the way with subscriptions.
SARAH: Did you want to touch more on subscriptions?
ANDREW: There’s a lot of technical stuff that still needs to go on, and, I’m going to be honest, I’m not a technology guy but it will be interesting. Think Netflix or Hulu or any of these subscription models but you’ll be able to do it for systems. So, make a once a month payment, rent all the different assets in the ecosystem.
SARAH: And finally, what is Double working on that will bring more value and create new opportunities for people earning on web3?
ANDREW: This is a good question. I think we’re mainly focused at the moment, on integration. We’d like games to integrate with our technology just so they can increase profit directly for their community and users. We think it’s a no-brainer for a lot of these games, you have assets that are essentially accruing dust in your wallet,
SARAH: Digital dust.
ANDREW: Digital dust, exactly. So, we want more games to integrate so there’s more NFTs listed for rent, so individuals can earn a passive income or people can test new games. We need to inject liquidity and we think rentals are the simplest solution.
On top of this, another thing we’re working on to increase liquidity in the market, we have also implemented a gasless solution which makes it essentially free to list assets and rent assets directly from Double. In addition to this, we have subscription models and with the new ERC-6551 standard, hope to be able, with token bound accounts, users will be able to list their NFT without the whole project being integrated.
Amazing, you guys, yeah you’ve got a lot going on. Very exciting times ahead for Double and the whole NFT space. I know things have been taken in a different direction this year with NFTs but I am just as bullish as ever and really believe in the space and digital ownership and think there’s amazing things to come.
SARAH: Awesome, thank you so much for joining me today Andrew, it’s been an absolute pleasure to have you on. Thank you to everyone tuning in, we’ll see you next time.
ANDREW: Absolutely, appreciate you having me on and thank you!
Learn more about Double Protoco and how you can start renting and leasing NFTs today!