Virtual land (LAND) holders in one of the largest metaverses will be able to formally lease their property to other platform users for predetermined periods of time.
The Decentraland team believes that the ability to generate passive income from assets in the metaverse will attract new users. Decentraland classifies land owners as accounts or wallet addresses that own a smart contract for land, land, or real estate. With the help of MANA tokens, users can buy and sell LAND virtual real estate.
The ownership registry for LAND controls the Ethereum smart contract. Each parcel has unique coordinates (x, y) and contains information about the owner and a link to the content description file, which is stored in the BitTorrent and Kademlia DHT networks.
Since all new sites are adjacent to existing ones, Decentraland creates a continuous virtual world. By combining LANDs, landlords can create themed districts: transportation networks, virtual zoos, auction houses, and more.
The Decentraland team explained that it was inspired to rent out virtual land by examples of digital universities leasing land to build campuses or DJs renting space for a party. Like most physical property leases, Decentraland landlords cannot sell land and cannot receive any offers to buy until the lease expires.
Decentraland’s Twitter followers suggested that the rental service should be available on mobile devices as well. In general, the community reacted positively to being able to formally lease out their land.
In October, Decentraland and the Sandbox metaverse denied claims of a drop in user activity.
Source: Bits
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