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Jul 11 11 tweets 3 min read
Last week a new smart contract standard was approved which will unlock a powerful new use case for NFTs.

Here's everything you need to know about rentable NFTs and ERC-4907:

• What the contract does
• What you can build with it
• How you can build with it

Let's dive in. 🧵
Many NFTs have utility.

They can be used in video games or other digital experiences to change or improve the experience.

For example a 'Sword NFT' can be equipped which inflicts more damage and improves the performance of the player.
People often want to access the utility of certain NFTs without making the commitment to purchase them.

'Renting' NFTs lets people pay a fraction of the price to hold the NFT in their wallet temporarily, using the NFT to unlock utility or digitial experiences.
There are existing projects which enable this functionality:

They work by assigning two different roles to holders of the NFT: An 'owner' and a 'user.'

Owner: Owns the NFT, can sell or transfer to another wallet.

User: Holds the NFT in their wallet, cannot sell or transfer.
The role of 'user' is assigned temporarily to the wallet renting the NFT.

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.
Requiring two transactions is inefficient in both time and gas.

ERC-4907 solves this:
The ERC-4907 smart contract standard introduces an “expires” function which facilitates the automatic end of a usage term without the need of a second transaction.

This greatly reduces the integration cost of utility NFT rentals.
The ERC-4907 standard is an extension of the ERC-721 standard, which means it is backwards compatible with any ERC-721 contract.

This means any existing ERC-721 smart contract can implement the renting feature via a contract extension.
ERC-4907 unlocks some interesting potential applications:

• Video game NFT rentals
• Temporary membership of a token gated club
• Temporary usage of token gated software
• NFTs as collatoral for loans.
• NFTs which represent real world rentable assets, (ie. vacation home.)
There are already some incredibly useful resources which teach you how to build an application with ERC-4907

This guide from @dhaiwat10 will show you how to build a rentable NFT collection and deploy it to Optimism. (or any other blockchain)…
@dhaiwat10 You can also read the full EIP proposal from the @DoubleProtocol team for deeper context on the new standard:…

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More from @thirdweb_

Jul 12
"The music industry will die without Web3"

Let's see how Web3 is innovating music 🧵
Around 80% of music revenues come from streaming.

According to a report by @RollingStone, around 90% of all streaming revenue goes to the top 1%.

Most artists on streaming platforms are still struggling to build a sustainable career.

This is where Web3 enters the chat 👇
@RollingStone Artists have identified a problem with the creator economy and are beginning to sell their music as NFTs, competing against low-paying streaming services.

Picking up on NFTs' versatile nature and finding ways to make a profit by tokenizing music & selling directly to consumers. Image
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Jul 11
DAOs are transforming the way behaviour is orchestrated online 🌐

They're creating powerful communities around common goals and allocating funds towards public goods.

Here's what it takes to build one. 👇
To build a DAO, you need:

• A treasury
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• A voting contract
• Proposals

Let's break each one down 🧵
• A Treasury 💰

A treasury is the place where funds generated by the DAO are stored and distributed.

In order to create a treasury you will need to create a treasury.mjs file and make sure the SDK is initialized.

The code for this can be found here:…
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Jun 9
A web3 fact that might surprise you 💡

NFTs don't usually contain the media in the smart contract.

Contracts store a link to the media hosted in an off-chain database.

Centralised storage solutions risk the media being lost if the database goes down.

IPFS solves this 🧵
IPFS is a decentralised storage database.

It works by saving your images on a network of different nodes. It’s not on the blockchain, but rather a different decentralised network.

The image also gains a unique footprint.

This is where 'pinning' comes in 👇🏼
Pinning an image, or any file for that matter, tells an IPFS network that this image is not allowed to be deleted.

IPFS networks clean their storages over time.

If you don't pin your image, it will be lost and the NFT will become useless.

How do I pin my image? 📌
Read 6 tweets
Jun 9


You can now 'wrap' any number of ERC20/721/1155 tokens into a single 'wrapped bundle' NFT 👇🏼
This bundled NFT can be transferred, sold and 'unwrapped' by someone else to receive the contents of the bundle. 📦

This enables really creative use cases for games and dapps.

Here's how the Multiwrap contract works. 👇
A token owner can wrap any combination of ERC20, ERC721 or ERC1155 tokens as a wrapped NFT.

When wrapping, the token owner is able to specify a recipient for the wrapped NFT.
Read 7 tweets
Jun 8
Our most important feature yet.

Introducing thirdweb deploy. ✨

We are extending thirdweb to support any smart contract you write.

Import your contract & unlock thirdweb's dashboard, SDKs, analytics & contract customisation.

This will transform the web3 development workflow.
After writing a smart contract, implementing the contract into your application is currently a complicated and time consuming process.

There's a bunch of heavy lifting involved on both the front and back end. Image
thirdweb deploy removes all of these steps and allows you to easily integrate custom smart contracts into your application from our intuitive dashboard.

We've reduced the time this would take from weeks into minutes. Image
Read 6 tweets
Jun 8
Happy Birthday to @timberners_lee 🧁

Creator of the world wide web and one of the main reasons web3 exists today 🌐

A thread. 🧵
@timberners_lee Before Tim changed our lives forever the internet already existed, but only as data transfer between computers.

Tim implemented the first successful communication between a HTTP client and the internet.

This led to the dawn of Web1 and eventually to where we are now, in Web3.
@timberners_lee Web 1 (1990-2005) was about open protocols that were decentralized and community-governed.

Nobody controlled it. Most of the value (static pages) was created by builders and fed to the the network of users.

It was permissionless, trustless but with limited functionality.
Read 6 tweets

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