Decentraland, A Major Metaverse Platform Has Just Introduced Property Renting For Users

Decentraland, one of the largest metaverse platforms in the entire crypto-verse has announced the introduction of a new feature.

The latest announcement the platform has made will prove to be very beneficial for the current virtual LAND owners.

According to the announcement, the Decentraland LAND owners will be able to rent out their properties within the metaverse.

Land Owners Can Rent Virtual LANDs

Decentraland has announced the launch of a LAND renting feature for the LAND owners in the metaverse offered by their platform.

For the first time in Decentraland and the metaverse, the LAND owners will have the opportunity of becoming landlords. The users will be able to rent out their virtual properties to the virtual tenants.

According to the details related to the new feature, the owners will be able to rent their properties, bringing in tenants. The owners will have the option of renting out properties for a particular time period.

It is up to the owners how long they want to rent out the properties. Therefore, the renting out process would be similar to the traditional renting out process.

Major Opportunity to Earn Passive Income 

For the first time, the Decentraland has come with a common yet very innovative and profiting feature for the users.

With the help of the new feature, the users will be able to generate passive income and profits from their own investments in Decentraland.

The metaverse universe has just become quite interesting for the entire investment community. It is expected that even many real estate investors will be entering Decentraland’s metaverse.

They will want to benefit from it as much as possible and start making huge profits from them.

LAND Owner Classification by Decentraland

For Decentraland, the wallet addresses or the wallets that have the smart contract for a LAND are classified as the owners of a LAND.

Such entities are perceived as the LAND owners in Decentraland whether it is an Estate or a Parcel, or both.

MANA, the native token on the Decentraland platform is going to benefit from the latest feature.

The teams have confirmed that MANA will be the native token used for carrying out all kinds of deals and transactions in the new feature.

The rental payments for the rented-out LANDs will need to be made by the tenants in advance. The users will not be able to opt to pay the rent for a specific period once it is over.

One major detail is that the rental has to be paid in total in advance, which means it is not to be paid on a monthly or annual basis.

To provide more clarity on the new feature, the developers gave an example of DJs who will be able to rent out their places for parties or clubs. The same can be said for the Universities renting out their LAND for a campus.

There is a Catch

Although the new feature is quite interesting and attractive, there is one catch.

The Decentraland developers have announced that the new feature will require the LAND owners to change their classification to landlords.

Once the classification is changed from LAND owners to landlords, they will not be able to sell their virtual properties.

According to the new process, the landlords will not be able to take any bids for selling their properties. Similarly, they will not be able to sell their lands until their classification is changed back to owners.

The classification will be changed automatically when a property is rented out to the users.

Response from the Decentraland Community

The entire Decentraland community is quite excited about the new announcement made by the developers. It has been well received by the communities on Twitter and other social media platforms.

MANA’s trading price is expected to pump following the latest announcement. For now, the asset’s price is down 35.46% in the past 30 days but soon, the feature will gain adoption, and MANA’s price will surge.