Metaverses can turn users into landlords

The leadership of the Decentraland metaverse announced a new opportunity that appeared on their site. Users who have purchased land can now rent out the space they have. According to the company, the process is completely safe and does not require unnecessary resources or time.

The owners of their virtual land can set the rental price per day and choose the duration of the lease of this land. The tenant will make payments to the landlord through the MANA cryptocurrency token, which is the main financial instrument in Decentraland.

After the lease expires, the land owner must manually determine whether to reclaim the property or continue to lease the land. Whether it will be possible to lease your land indefinitely is not reported at the moment.

The administration of the metaverse said that one of the potential use cases for such a system could be the organization of a virtual club on a rented site. After the tenant “rents” the land, he can invite a virtual DJ there, organize a nightclub and hold performances.

Notably, owner and tenant information will be stored on the Ethereum blockchain. This was announced by the owners of Decentraland, devoting users to new details about the metaverse fund.

As for the technical component of the act of leasing and renting virtual lands, such an opportunity has become available to users thanks to the ERC-4907 standard in the Ethereum blockchain.

Since June, there has been another system for renting virtual lands, which is carried out using the ERC-4907 standard on the Ethereum blockchain. Unlike the new invention of Decetraland, such a lease agreement implies the automatic return of the land to the owner after the expiration of the term.

If we compare the cost of Decentraland land with the rest of the metaverses, then the cost of one block of territory there is almost $2,400, which is an order of magnitude higher than many competitors. In the field of Web3 technologies, the administration of Decentraland is taking serious steps, and after such news, the cost of land in their metaverse may rise again.

Earlier, we talked about the opening of a state office in Decentrand by Norwegians. The purpose of such an event is to bring the authorities closer to the youth and eliminate their financial illiteracy, as well as teaching all the basics in the aspects of paying taxes. If you missed this material, then we invite you to familiarize yourself with it at this link .