Decentraland Now Offers LAND Owners Virtual Rental Program

Decentraland, a metaverse platform, has 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 leases are made in MANA, Decentraland’s native token, and are paid in full beforehand. The site provided examples of DJs renting space for a club or party or virtual institutions renting land to create 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 fans recommended that wearables should be eligible for the same rental program. The reception from the locals was generally positive.

This occurs at a time when the metaverse is developing and gaining increasing 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 consumers and strengthen its metaverse capabilities, internet stalwart Mozilla recently bought Active Replica. While Animoca, a developer of the metaverse and GameFi, acknowledged speculations 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.

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