Tokyo-based crypto startup Yiedl has announced that it will launch a mortgage and rental market for non-expendable tokens (NFT) without peer-to-peer (P2P) custody.
Speaking to Cointelegraph, Yiedl founder and CEO Kohshi Shiba said the platform will support a large number of tokens, as most real-world assets are tokenized.
„For assets that have persistent external utility, I believe that the TFN is an appropriate form of token,“ Shiba said, citing subscription rights, the decentralized autonomous organization, or DAO, memberships and intellectual property rights, and game elements as examples of assets that will see tokenization increase.
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Yiedl will facilitate NFT collateralized mortgages
Yiedl will comprise a P2P marketplace where users will propose their preferred loan or rental terms.
When another user fills in the order, Shiba stated that ‚the agreement is set out in Yiedl’s protocol and [the] transaction occurs‘, with access to the leased FTNs being provided after receipt of the initial rent.
If the loan is not paid on time, the TNR is automatically returned to the owner, and the entire process is carried out without intermediaries.
„I believe that Yiedl opens a new horizon for the NFT ecosystem, and there will be massive new owners of NFT in the future,“ said Shiba. „Owning NFT will also become an investment as Yiedl allowed NFT owners to earn passive income from their assets.“
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Yiedl develops the modification of the standard ERC-721 token
To facilitate the platform, Yiedl created a modified version of the ERC-721 standard that has been made available as open source for other developers to adopt, called ERC-X.
Shiba stated that the new token standard „added two classes of users to the existing ERC-721 standard“ in the form of „user and encumbrance“.
„The idea is that by supporting three $500 million hack – itbit trust company – the states can’t blockchain – two separate audits – the trip of cobalt – clean bills ready to go – though that may be changing – cloud mining firm – its own proposal – vitalik buterin lamented default user classes, application developers can assume that tokens can be rented or guaranteed,“ Shiba said. „With ERC-721, it was impossible, and caused difficulties when NFT owners rent/collateralize NFT as the property is taken over by the contract management or the tenant“.
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NFT sector gains traction
Many companies are betting that FTN will emerge as a leading use case for cryptoactives, with blockchain games and asset tokenization promising to expose distributed logbook technology, or DLT, to a wider audience.
However, it is still early days for the FT sector in terms of infrastructure, with a surprise auction for a limited number of CryptoKitties leading to the main FT market supported by the Winklevoss, Nifty, experiencing downtime last week.