Decentraland, a metaverse platform, has unveiled a new feature that turns its users who own virtual land into landlords in a way. Owners can now formally offer their virtual lands or real estate for a fixed periods of time to other users on the marketplace.
Decentraland defines LAND owners as accounts or wallet addresses that possess “a Parcel, an Estate, or both” of the smart contract for LAND.
All LAND leases are made in MANA, Decentraland’s native token, and are paid in full beforehand. The site provided examples of DJs renting space for a club or party or virtual institutions renting land to create campuses.
Similar to the majority of rental agreements for real estate, Decentraland landlords are unable to sell their properties or accept any offers to buy them until the term of the agreement has expired
On Twitter, Decentraland’s fans recommended that wearables should be eligible for the same rental program. The reception from the locals was generally positive.
As a result of this development, users can profit passively from their metaverse assets. This is a huge chance to generate passive income in Decentraland ecosystem given its prospective size.
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