It was announced that users who own LAND within Decentraland can rent out the rights to the space through the digital marketplace.
Decentranland, a metaverse platform, recently unveiled a new feature that turns its users who own virtual land into landlords in a way. Owners can now formally offer their real estate for fixed periods of time to other users on the marketplace.
As a result, users can profit passively from their metaverse assets. Decentraland defines LAND owners as accounts or wallet addresses that possess “a Parcel, an Estate, or both” of the smart contract for LAND.
All LAND rentals are made in MANA ($0.39), Decentraland’s native token, and are paid in full upfront. The platform provided examples of DJs renting space for a club or party or virtual universities renting land to build campuses.
Similar to the majority of rental agreements for real estate, Decentraland landlords are unable to sell their properties or accept any offers to buy them until the term of the agreement has expired.
On Twitter, Decentraland’s followers suggested that wearables should be eligible for the same rental program. The response from the locals was generally positive.
This occurs at a time when the metaverse is developing and gaining more interest from both inside and outside of the Web3 sector. The Oxford Dictionary considered the term “metaverse” as its word of the year, but it ultimately placed second.
In order to improve the digital experiences of its users and strengthen its metaverse capabilities, internet stalwart Mozilla recently acquired Active Replica. While Animoca, a developer of the metaverse and GameFi, confirmed rumors that it would establish a $1 billion metaverse fund for companies looking to expand virtual reality, For new community members and developers, the metaverse, especially mega-events like festivals and fashion week, continues to be a portal into the larger Web3 world.
