Metaverse Platform Decentraland Enables Rental Option in Virtual LAND

Decentraland to start a rental facility for LAND owners.
At the time of writing, MANA market price is at $0.399.
Metaverse ranked second in the WOTY competition.

Metaverse company Decentraland has initiated will now enable users to own LAND in the Decentraland metaverse and officially rent their LAND out as the landlords. LAND owners can now provide their property for rent for a specific period of time on the platform.

Decentraland identifies a LAND keeper as the account or wallet address which has the smart contract for the digital property, which could be any: “a Parcel, an Estate, or both.”

Decentraland is an Ethereum-based metaverse platform founded by the Decentraland Foundation in 2017. It has gained popularity for advocating the progress of imitation of the physical world virtually. Decentraland token (MANA), powered by the platform, trades at a market price of $0.399 with a total volume of $39.03 million at the time of publication.

According to the data provided by CoinMarketCap, in the virtual world, users can also purchase plots of LAND which they can further use to create structures upon, direct and earn money. Decentraland was launched after a $24 million initial coin offering (ICO) in 2017.

Earning money by renting out virtual land might prove to be an attractive option to start a passive income stream. Platforms like Sandbox are also involved in this space where users are allowed to offer their LAND for rent.

Higher Scope

MANA token can be used for paying LAND rent. Also, it has achieved in giving birth to a virtual social space to facilitate the evolution of economic and social systems. Decentraland is a very close imitation of the real world. It could also resemble the natural economic and social upheavals of the real world.

In the last week of November, MANA plunged by over 30% due to the FTX collapse among other reasons.

Notably, landlords cannot sell the LAND. While this is a drawback in this innovative concept, it might change in the future given that virtual spaces are still in a nascent stage in their development.

In other news, the word “Metaverse” was among the top 3 contenders of Oxford’s Word of the year (WOTY) organized by the Oxford University Press (OUP). “Goblin Mode” turned out to be the winner, while Metaverse placed second. Goblin Mode means living a deviant’s lifestyle that includes rejecting societal norms and not caring about oneself; to be disoriented generally.

Pavel Sinelnikov, co-founder and CEO of Metis DAO, a Layer-2 Ethereum solution, said that virtual economies seen in the metaverse platforms such as The Sandbox and Decentraland can the affect the “greater and real-world DeFi (decentralized finance) ecosystem.”