Tokyo-based crypto startup Yiedl has announced that it will launch a non-deputy peer-to-peer, as P2P, mortgage and rental market for non-fungible tokens, as NFT & # 39; s.
Speaking to Cointelegraph founder and CEO Yiedl Kohshi Shiba proved that the platform will support a great many tokens, in order to & # 39; most of the real-world assets are tokenized.
"For assets that have persistent external utility, I believe NFT is an appropriate token form," Shiba stated, citing subscription rights, decentralized autonomous organization, such as DAO, memberships, and intellectual property rights, and in-game articles as examples of assets that will not see increasing tokenization.
Yiedl facilitate NFT collateral mortgage
Yiedl will include a P2P marketplace in which users prefer their loan or rental terms.
When another user completed the order, Shiba explained that "the agreement is set to Yiedl protocol and [the] transaction happens," – with access to the rented NFT being provided after receiving & # 39; the initial rent.
If there is no repayment of a loan on time, the NFT is automatically returned to its owner, with the very process without intermediaries.
"I believe that Yiedl will open a new horizon for the NFT ecosystem, and that there will be massive new NFT owners in the future," Shiba said. "NFT ownership will also be an investment since Yiedl enabled NFT owners to earn passive income with their assets."
Yiedl develops modified ERC-721 token by default
To facilitate the platform, Yiedl created a custom version of & # 39; the ERC-721 standard that is not available as an open source for other developers to adopt, called ERC-X.
Shiba explained that the new toke standard "added two user classes to the existing ERC-721 standard" in & # 39; the form of "user and loan."
"The idea behind it is that by supporting three user classes by default, application developers can assume that tokens can be rented [ed] or collateralized," Shiba said. "With ERC-721 it was impossible, and it caused problems when NFT owners rented / mortgaged NFT's, because the property was taken over by the contract address or the tenant."
NFT sector gets traction
Many companies are betting that NFTs will appear as a leading use case for crypto assets, with blockchain gaming and asset tokenization that promise to expose distributed ledger technology, like DLT, to wider audiences.
However, it is still early days for the NFT sector in terms of infrastructure, with a surprise auction for a limited run of CryptoKitties that doesn & # 39; t lead to the Winklevoss-supported NFT marketplace Nifty that didn`t experience downtime last week.