The metaverse platform, Decentraland, has announced a new feature that allows its users who own a virtual property (LAND) to rent it out to other users for predefined periods of time.
This feature allows users to earn passive income from their assets in the metaverse.
We should note that Decentraland categorizes LAND owners as accounts or wallet addresses that hold the smart contract for each LAND, whether it is a parcel of land, an estate, or both.
All LAND rentals are executed in Decentraland’s currency, the MANA, and are paid in advance. The platform gave as examples of LAND rentals digital universities renting land to build campuses or DJs renting space for clubs or parties.
Just like most physical property rental contracts, Decentraland owners cannot sell the land, nor can they receive purchase offers, until the term of their land lease agreement (LAND) expires.
Positive reaction from the community
Decentraland’s Twitter followers suggested that the same rental service should be available for wearables. Overall, the community response was positive. This development in the platform comes at a time when the metaverse continues to evolve and attract even more attention, both within and outside the Web3 industry.
In fact, the word “metaverse” itself was nominated for word of the year in the Oxford Dictionary, but ultimately came in second place.
Mozilla, Active Replica and mega-events
The parochial internet giant, Mozilla, recently acquired Active Replica to strengthen its presence in the metaverse and improve the digital experiences of its users. In addition, metaverse and GameFi developer Animoca confirmed rumors that it will create a billion dollar fund for developers in the metaverse seeking to create digital reality.
The metaverse, particularly mega-events like festivals and fashion weeks, continue to be a gateway for new community members and developers to enter the world of Web3.