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ERC721 Consumable Extension

Overview

Many ERC-721 contracts introduce their own custom role that grants permissions for utilising/consuming a given NFT instance. The need for that role stems from the fact that other than owning the NFT instance, there are other actions that can be performed on an NFT. For example, various metaverses use operator /contributor roles for Land (ERC-721), so that owners of the land can authorise other addresses to deploy scenes to them (f.e. commissioning a service company to develop a scene).
It is common for NFTs to have utility other than simply owning it. That being said, it requires a separate standardized consumer role, allowing compatibility with user interfaces and contracts, managing those contracts.
Having a consumer the role enables protocols to integrate and build on top of dApps that issue ERC-721 tokens.
LandWorks NFTs implement the Consumable Extension and utilise it in order to support a Yield Farming strategy in which the owner of the NFT can stake the NFT in order to yield farm but at the same time is still collecting rent and can manage his property.

Goal

With the wider support of the Consumable Extension, NFT issuers can enable dApp developers to build on top of their NFTs (lending/renting, yield farming).
Any metaverse project that supports the Consumable Extension can be integrated out-of-the-box into LandWorks and enable Lending/Renting marketplace for its users.

Need help?

If you are a dev looking to integrate the Consumable Extension, feel free to contact the core devs on Discord and we will gladly help out.

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