12-07-2022 icon

Decentraland introduces digital property lease for landlords

By Lucy Adegbe
Decentraland

Digital property destination Decentraland revealed its latest service feature that enables customers of the platform who purchased digital spaces to be landlords. Land proprietors are now permitted to lease their landed assets to other customers for a prejudged period. 

The new features encourage customers to make extra earnings, with little to no extra effort, from their already-acquired metaverse properties.

Decentraland classifies land proprietors as accounts or crypto wallet IDs that possess the blockchain-based crypto programs for landed assets, be it plots, estates or the pair.

All lease transactions are completed using the native token of the protocol and deposited in advance. For clarity, the protocol exemplified colleges leasing out land spaces to set up campuses or DJs leasing openings for parties.

Just like the leasing agreements of physical lands, Decentraland proprietors are not permitted to trade off land or allow for any payment transaction during the lease agreement timeframe.

Decentraland Twitter community members have reacted positively to this new feature, with some proposing that a similar leasing option be set up for wearables.

The metaverse has continued maintain relevance within and across the Web3 space through its diverse innovations.

“Metaverse” as a word, earned the second position after “goblin mode” in the publicly voted Oxford word of the year.

Prominent internet browser creator Mozilla newly purchased Active Replica company to build up its metaverse expertise and boosts its customers’ virtual venture.