An extension of ERC-721, the standard ERC-4907 implements the time-limited role of ‘user’ and authorizes automatic expiration through the innovative ‘expires’ function. The addition of the ‘expires’ feature is integral to the process of NFT rentals, no longer requiring NFT owners to manually withdraw user rights – complicated by the multiple simultaneous leasing of NFT assets – resulting in reduced gas costs.
Source: Double Protocol’s Rentable NFT Standard “ERC-4907” Became Ethereum’s Final Standard