tip: 4907
title: Fork from ERC-4907 Rental NFT
description: Add a time-limited role with restricted permissions to TIP-721 tokens.
author: lopeed_prcy
status: Final
type: Standards Track
category: TRC
created: 2023-05-15
requires: 165, 721
This standard is an extension of TIP-721. It proposes an additional role (user) which can be granted to addresses, and a time where the role is automatically revoked (expires). The user role represents permission to "use" the NFT, but not the ability to transfer it or set users.
Some NFTs have certain utilities. For example, virtual land can be "used" to build scenes, and NFTs representing game assets can be "used" in-game. In some cases, the owner and user may not always be the same. There may be an owner of the NFT that rents it out to a “user”. The actions that a “user” should be able to take with an NFT would be different from the “owner” (for instance, “users” usually shouldn’t be able to sell ownership of the NFT). In these situations, it makes sense to have separate roles that identify whether an address represents an “owner” or a “user” and manage permissions to perform actions accordingly.
Some projects already use this design scheme under different names such as “operator” or “controller” but as it becomes more and more prevalent, we need a unified standard to facilitate collaboration amongst all applications.
Furthermore, applications of this model (such as renting) often demand that user addresses have only temporary access to using the NFT. Normally, this means the owner needs to submit two on-chain transactions, one to list a new address as the new user role at the start of the duration and one to reclaim the user role at the end. This is inefficient in both labor and gas and so an “expires” function is introduced that would facilitate the automatic end of a usage term without the need of a second transaction.
The keywords "MUST", "MUST NOT", "REQUIRED", "SHALL", "SHALL NOT", "SHOULD", "SHOULD NOT", "RECOMMENDED", "MAY" and "OPTIONAL" in this document are to be interpreted as described in RFC 2119.
Solidity Interface with NatSpec & OpenZeppelin v4 Interfaces:
interface ITRC4907 {
// Logged when the user of an NFT is changed or expires is changed
/// @notice Emitted when the `user` of an NFT or the `expires` of the `user` is changed
/// The zero address for user indicates that there is no user address
event UpdateUser(uint256 indexed tokenId, address indexed user, uint64 expires);
/// @notice set the user and expires of an NFT
/// @dev The zero address indicates there is no user
/// Throws if `tokenId` is not valid NFT
/// @param user The new user of the NFT
/// @param expires UNIX timestamp, The new user could use the NFT before expires
function setUser(uint256 tokenId, address user, uint64 expires) external;
/// @notice Get the user address of an NFT
/// @dev The zero address indicates that there is no user or the user is expired
/// @param tokenId The NFT to get the user address for
/// @return The user address for this NFT
function userOf(uint256 tokenId) external view returns(address);
/// @notice Get the user expires of an NFT
/// @dev The zero value indicates that there is no user
/// @param tokenId The NFT to get the user expires for
/// @return The user expires for this NFT
function userExpires(uint256 tokenId) external view returns(uint256);
}The userOf(uint256 tokenId) function MAY be implemented as pure or view.
The userExpires(uint256 tokenId) function MAY be implemented as pure or view.
The setUser(uint256 tokenId, address user, uint64 expires) function MAY be implemented as public or external.
The UpdateUser event MUST be emitted when a user address is changed or the user expires is changed.
The supportsInterface method MUST return true when called with 0xad092b5c.
This model is intended to facilitate easy implementation. Here are some of the problems that are solved by this standard:
With Dual “owner” and “user” roles, it becomes significantly easier to manage what lenders and borrowers can and cannot do with the NFT (in other words, their rights). Additionally, owners can control who the user is and it’s easy for other projects to assign their own rights to either the owners or the users.
Once a rental period is over, the user role needs to be reset and the “user” has to lose access to the right to use the NFT. This is usually accomplished with a second on-chain transaction but that is gas inefficient and can lead to complications because it’s imprecise. With the expires function, there is no need for another transaction because the “user” is invalidated automatically after the duration is over.
In the spirit of permission less interoperability, this standard makes it easier for third-party protocols to manage NFT usage rights without permission from the NFT issuer or the NFT application. Once a project has adopted the additional user role and expires, any other project can directly interact with these features and implement their own type of transaction. For example, a PFP NFT using this standard can be integrated into both a rental platform where users can rent the NFT for 30 days AND, at the same time, a mortgage platform where users can use the NFT while eventually buying ownership of the NFT with installment payments. This would all be done without needing the permission of the original PFP project.
As mentioned in the specifications section, this standard can be fully TIP-721 compatible by adding an extension function set.
In addition, new functions introduced in this standard have many similarities with the existing functions in TIP-721. This allows developers to easily adopt the standard quickly.
This TIP standard can completely protect the rights of the owner, the owner can change the NFT user and expires at any time.
The following diagram demonstrates an example for the rental functionality.
Suppose Alice owns NFTs and wants to rent out a NFT, and Bob wants to lease a NFT.
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Alice approves rental contract could transfer the NFT Alice owns.
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Alice sends a rental listing to the rental contract.
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Bob select a lease time, the rent is calculated according to the lease time and rental price. Bob transfer tokens as rent, rental contract transfer NTT from Alice to rental contract and set the user of the NFT to Bob, set the expires by the lease time.
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When the lease expires, Alice can redeem the NFT from rental contract.