Managing real estate is one of the most controversial ways to make a living these days. It is not for nothing that ‘milking houses’ has been a popular expression for a long time, after all, it doesn’t take that much effort to collect money almost passively. Did you think it couldn’t get any crazier? It is now also possible in the metaverse.
Pawnbrokers in the metaverse
Metaverse platform Decentraland has land owners given the opportunity to rent out their property. Nowadays fewer and fewer people have a ‘real’ home, but even in the Metaverse, land can be very expensive. So you can’t just do whatever you want in such an online world if you don’t have the money for a piece of digital land.
By renting a piece of land you give yourself that opportunity, and someone else gets passive income from it. Milking houses, or in this case digitally milking soil, does not necessarily have to have a negative connotation.
In Decentraland, the tenant and landlord agree on a rental period and a rental price per day. After this period, the landlord must manually determine whether to relist the property or claim it for their own use.
The developers explain in detail on the website how this works, and mention as an example that a DJ can rent land every Saturday and use it as a nightclub. A university would even rent land to build a campus.
Land in Decentraland now much cheaper
NJust a year ago millions worth of real estate was sold in metaverses. For example, some buildings in Decentraland were sold for the equivalent of USD 2.4 million.
But the prices in Decentraland, as in other metaverses, have fallen hard along with most other crypto prices. At the time of writing, the most expensive piece of land on Decentraland is not for sale for millions, but for only a few hundred thousand dollars. Perhaps now is a golden opportunity to buy digital land at rock bottom prices.