The metaverse platform has announced that users who own LAND within Decentraland can officially rent the space rights through the digital marketplace.
Metaverse platform Decentranland has announced a new platform feature that allows its users who own virtual LAND to effectively become owners. Owners can now officially rent their property to other users on the platform for pre-determined periods of time.
This allows users to earn passive income from their converted assets.
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Decentraland classifies LAND owners as accounts or wallet addresses that hold the smart contract for the LAND, whether it is “a parcel of land, an estate, or both”.
All LAND rentals are made in mana, Decentraland's native token, and prepaid in full. The platform gave examples of digital universities renting land to build campuses or DJs renting space for clubs or parties.
Similar to most leases for physical real estate, Decentraland's owners cannot sell the land, nor can they receive offers to buy until the lease term expires.
Decentraland followers on Twitter suggested that the same rental service should be available for wearables. Overall the community response has been positive.
This comes as the metaverse continues to evolve and attract more attention from both inside and outside the Web3 industry.
The word metaverse itself was the word of the year in the Oxford dictionary, but eventually came in second place.
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Mozilla
Old internet giant Mozilla recently acquired Active Replica to boost its transformative prowess and improve its users' digital experiences. While metaverse and GameFi developer Animoca has confirmed rumors that it will generate a billion dollars for developers seeking to create digital reality.
The metaverse, particularly mega-events like festivals and fashion week, continues to be a gateway for new community members and developers to the wider Web3 world.
