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Decentraland introduces virtual real estate leasing for LAND owners

Decentraland has declared that owners can rent their properties to other people. The new system will enable both LAND owners and renters to rent LAND in a secure and decentralized manner, with data maintained on a server managed by the Decentraland Foundation (off-chain) and transactions conducted using Ethereum (on-chain). Decentraland is a 2020-launched virtual world in which users can purchase virtual land parcels using one of its native coins, MANA, on the Ethereum blockchain. In addition to purchasing land, members can connect with one another, play games utilizing interactive dApps, and engage in profitable exchanges.

Decentraland describes LAND owners as accounts or wallet addresses that hold the smart contract for LAND, regardless of whether the LAND in question is “a Parcel, an Estate, or both.” All LAND rentals are performed in MANA, the native token of Decentraland, and are paid in full ahead. The platform provided instances of digital institutions renting property to construct campuses and DJs renting club or party space.

Like most rental contracts, Decentraland landlords can’t sell the land or accept offers to buy it until the rental contract is over. On Twitter, people who like Decentraland said that the same rental service should also be available for wearables. Overall, the response from the community was positive.

This is occurring as the metaverse continues to grow and attract more interest from beyond the Web3 industry. The word metaverse itself was nominated for the Oxford Dictionary’s word of the year award, but eventually placed second.

Mozilla has acquired Active Replica to enhance its metaverse capabilities and the digital experiences of its users. While the metaverse and GameFi creator Animoca confirmed claims that it will establish a $1 billion metaverse fund for developers wanting to expand digital reality.

The metaverse, notably mega-events such as music festivals and fashion week, continues to serve as a portal for new community members and developers to enter the wider Web3 world.

About Humano

He is a freelance writer based in Turkey. He loves NFTs, football, film and technology.

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