Decentraland now allows LAND owners to rent out virtual properties
A metaverse platform called Decentraland has announced a new feature that transforms its users who own virtual land into landlords. As of right now, owners can formally rent out their properties to other network users for a predetermined time. Now, users can earn money passively by using their metaverse assets.
The new system will allow landowners and tenants to rent out land in a safe and decentralised manner through the use of Ethereum transactions on-chain and a server hosted by the Decentraland Foundation off-chain.
The full sum of all land rents is paid upfront in the native token of Decentraland (MANA). The website included instances of DJs leasing space for a club or party and virtual colleges leasing land. Two seasoned blockchain developers, Ari Meilich and Esteban Ordano, developed the 3D virtual platform's smart contracts. In addition to the ERC-20 token MANA, Decentraland also offers the ERC-721 tokens ESTATE, which stands for meeting lands, and LAND, a nonfungible ERC-721 token.
In Decentraland, landlords are bound by the same rules as those who lease out physical properties: they are not allowed to accept or sell proposals to purchase the property prior to the rental agreement's expiration.
Prospective renters may browse all available lands in the marketplace's Land area for rent or sale, per Decentraland's rental notification.
Before deciding on the length of the rent or paying for the land, tenants must first opt to let the rental smart contract administer their MANA. After payment and approval of the LAND rental, the renter receives the Operator Permission, which the Landowner may recover when the expiration date draws near.
This change occurs while the metaverse is developing and gaining popularity both inside and outside of the Web3 industry.
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