​Decentraland metaverse allows renting out land plots

What’s new? The Decentraland platform has unveiled a new system for renting virtual spaces in the metaverse. It will allow owners and tenants to securely rent land using a combination of signatures stored on a Decentraland server and transactions on the Ethereum network. The platform has published a full guide on how to use this option on its website.

The full guide

What is known about Decentraland? It is a virtual reality platform running on the Ethereum blockchain. Users can use it to buy land, create spaces, attend events, and communicate with other users’ digital avatars. As of December 7, 08:00 UTC, the platform’s native token, MANA, is trading at $0,3919, having lost 7,1% in 24 hours, according to Binance.

What features does the system offer? There is an option for land owners to rent it out under Marketplace > My Assets > LAND. The owner sets the price per day and the amount of days available for rent. The cost is calculated in MANA tokens. The owner must approve the rent smart contract and sign each ad. Once the land is rented, it cannot be sold before the rent expires.

Decentraland warns that once the rent expires, the tenant retains the operator’s rights until the owner of the land demands it back or another user rents it. Thus, tenants need to keep their content until the end of the term, or it could be lost.

As an example, the company explained that with the new system DJ can find a necessary plot of land, rent it and organize there a nightclub, where he will play every Saturday. A university will be able to rent the land and build a campus for students on it.

In February, the largest US bank, JPMorgan, opened its virtual lounge in Decentraland. In June, RTVI TV channel opened a representation in the metaverse. And in August the Latin American division of the streaming service Netflix began a partnership with Decentraland to promote the action movie “The Grey Man” featuring Ryan Gosling and Chris Evans, as well as exploring interactive ways for a brand to interact virtually with fans.

For more details on ways to make money on virtual lands, check out GetBlock Magazine’s article.