Decentraland launches virtual rental for LAND owners

Decentraland, the Metaverse platform, has announced a new platform feature. The feature essentially lets users who own virtual LAND become landlords, should they choose. With the function, owners can officially rent their home to other users on the platform for predetermined prices and periods. It also gives users a new way to generate passive income.

MANA used for rental

LAND owners are now classified by Decentraland as accounts or wallet addresses that own the smart contract for LAND. This regardless of whether it concerns a plot, an estate or possibly both.

All LAND rentals are done in Decentraland’s original token (called MANA) and everything is prepaid. The platform gave examples of digital universities renting out land to build campuses or DJs renting space for a club or party.

As with most leases of physical properties, Decentraland landlords cannot sell the land and cannot receive purchase offers until after the lease term has expired.

The community is generally reacting positively to the upcoming addition of their Metaverse. They did indicate that the same feature should also be available for wearables.

It is also the next development within the Metaverse industry that is very emerging. The word ‘Metaverse’ has even been nominated for word of the year in the Oxford dictionary. In the end, however, the word came second. However, it does indicate the popularity of the word.

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