Ethereum Improvement Proposals (EIPs) describe standards for the Ethereum platform, including core protocol specifications, client APIs, and contract standards. [1]
Once EIPs are approved, they will become ERCs (Ethereum request for comments). The ERC-20 token[2] is a salient example.
The latest standard protocol ERC-4907 is really promising as people who wanted to rent their NFTs before had no choice but to trust other parties that provided this kind of service such as Yield Guild Games（YGG).
However, if the guild disappears, people will lose their assets because people have to transfer their rights(NFTs) to the guild. Therefore, with the launch of ERC-4907, people can utilize a smart contract on Ethereum to do this without trust and permission.
Besides, libraries and bookstores such as Amazon Books that are planning to engage in the Web3.0 field could also facilitate book lending or free trials of new products via this new function.
Moreover, virtual land developers such as The Sandbox can also use this function to improve their existing products and user experience. For instance, users can rent out the land to companies that want to promote marketing and advertisements there to facilitate different business models.
Reference:
[1] https://eips.ethereum.org/erc
[2] https://101blockchains.com/what-is-erc20/
ERC-20 is neither software, a solution nor code. It is a standard protocol, just like HTTP. It governs tokenization and ensures that the technical specification of the tokens is met.
[3] https://www.blocktempo.com/erc-4907-opening-up-the-potential-for-rentable-nfts/
