Decentraland has come up with a new and very profitable feature for the metaverse community. One of the largest metaverse creators in the entire crypto-verse has launched a renting feature for the users.
New Feature by Decentraland
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Decentraland has introduced a renting feature for users who are already owners of LANDs on the platform. With the introduction of the new features, the LAND owners will be able to rent them.
This is a unique feature Decentraland has launched in the metaverse sector. Prior to this, the metaverse platforms such as The Sandbox were offering billboards for marketing purposes.
Decentraland has taken a step further and it has offered the land owners the opportunity of becoming landlords. They will be able to rent their virtual LANDs and bring in tenants.
This will help the Decentraland LAND owners generate passive income while they can benefit from other features offered in the metaverse.
Properties to be Rented Out for a Period of Time
According to the officials, the LAND owners will have the option of putting their properties on rent for a predefined period of time.
Everything pertaining to the rental process will be processed in advance to avoid any issues afterward. This way, Decentraland is going to make things much easier for the LAND owners.
Decentraland has studied the real-time real estate industry to understand its benefits and losses. No matter the country or region, there are always issues and disputes between landlords and tenants.
This is because, in real-time, only a security deposit and other securities can be taken initially. The property rent and other utility rents are taken on a monthly basis.
The traditional process in the real estate and rental businesses has proven to be quite complex for both sides. Therefore, Decentraland has made sure it does not end up causing the same problem for the users.
Therefore, it has ensured that everything is predefined. Even the money for renting a property for a predefined period has to be paid in advance in the Decentraland ecosystem.
Who are LAND Owners?
In the world of Decentraland, the people running their accounts, having wallet addresses, and owning a particular piece of land are the LAND owners.
It can either be a Parcel or an Estate that the LAND owners may have on them. They need to own the smart contract for a particular piece of virtual LAND in the metaverse to be called a LAND owner.
The Native Token is MANA
Ever since the launch of the Decentraland platform, its token has been MANA. The platform wants to ensure that its native token is used as the primary currency for the sales and purchases of virtual LANDs.
Both sides can use MANA for upfront payments and any kind of returns or refunds. The new feature will definitely increase the utility of the MANA token, being used in the real restate.
The new feature even welcomes the real estate industry to become part of the metaverse by joining Decentraland. They can launch their own housing schemes in the metaverse and rent them out to other users.
Any industry or sector can become innovative with the availability of technology and start earning passive income.
The Universities can start buying LANDs in the Decentraland ecosystem and start renting them out for multiple education faculties or campuses.
People can own a piece of LAND in Decentraland and then rent it out for music concerts or for other entertainment purposes.
Owners Will be Bound by the Rental Contracts
Decentraland has confirmed that they have stuck with the traditional real estate/renting procedure when it comes to contracts.
They have clarified that once a rental contract has been formed between the landlord and the tenant, the owner cannot go back on it.
When an owner rents a virtual LAND, its status is changed to being rented out so it cannot be sold. The owners cannot even take bids for the selling price of the rented-out property.