December 11, 2022

Decentraland Allows Renting Virtual Properties on Metaverse

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Decentraland, the well-known metaverse platform, announced the launch of a new renting system in the virtual space, allowing the owners of the virtual lands to become landlords.

Through this system, owners on Decentraland can rent their virtual properties to others in a defined time, a way that let the users earn passive income, Coin Telegraph reported.

Whether the land was a parcel, estate, or both, Decentraland considers land owners as accounts or wallet addresses that own the smart contract for the land they want to rent.

Decentraland explained how the rental process will be conducted on its website. After defining the price per day, the tenants should determine the period that ranges from seven to 365 days. All the virtual rentals will be done in Mana, the native token of Decentraland. It should be paid upfront and in total for that rent.

Landlords on Decentraland are not allowed to sell the land or receive any purchasing bids until after the rental contract period ends. Owners can edit the rental details for their virtual property with transaction implications without a transaction fee for listing the rental. They can also claim their virtual properties back from the tenants by seeking the Operator’s permission.

A metaverse is a network of three-dimensional virtual environments focusing on social interaction. It may be characterized as a digitally simulated world. It utilizes blockchain, augmented reality, and virtual reality (VR), combined with social media principles, to develop venues for extensive user communication that imitate the real world.

The metaverse is an encompassing word for technologies that aid in creating a whole digital world similar to the real one. This universe can be incredibly comprehensive and encompass a broad range of various planets, sometimes referred to as virtual environments.

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