Divisible non-fungible token and its applications

A non-transitory computer readable medium storing a program for renting rentable items using non-fungible tokens (NFTs), the program executable by at least one processor of a server in communication with a distributed ledger system via a network, the program comprising sets of instructions for:

• receiving a request from an owner of a rentable item to list the rentable item for rent for a plurality of time durations;
• causing the distributed ledger system to:
• mint a rental NFT for the rentable item, the rental NFT defining the plurality of time durations;
• and
• assign the rental NFT to the owner of the rentable item;
• listing the rentable item for rent;
• receiving a request from a rent applicant to rent the rentable item for a first set of one or more time durations in the plurality of time durations;
• in response to the request to rent the rentable item, causing the distributed ledger system to simultaneously:
• mint a first set of one or more child rental NFTs, each child rental NFT in the first set of child rental NFTs associated with a time duration in the first set of time durations;
• assign the first set of child rental NFTs to the rent applicant;
• mint a second set of one or more child rental NFTs for the rentable item for a second set of time durations in the plurality of time durations, wherein the second set of time durations are time durations other than the first set of time durations;
• assign the second set of child rental NFTs to the owner of the rentable item;
• and
• burn the rental NFT such that the rental NFT does not coexist with the first set and the second set of child rental NFTs on the distributed ledger system;
• and
• providing a confirmation of the renting of the rentable item for the first set of time durations to the rent applicant and to the owner of the rentable item.