Decentraland Introduces LAND Renting System in the Metaverse

Decentraland's New Renting System

Decentraland, a prominent metaverse platform, has unveiled a new renting system for LAND, blending on-chain and off-chain signatures. This innovative feature enables LAND owners and tenants to engage in secure and trustless transactions. By using this system, Decentraland aims to enhance the metaverse experience and attract new users to digital real estate.

How the Renting System Works

The renting feature incorporates a combination of signatures stored in a server managed by the Decentraland Foundation and Ethereum transactions. Off-chain signatures play a crucial role, allowing LAND owners to list their properties without incurring transaction costs. Once a listing is signed, the smart contract verifies its authenticity, ensuring a decentralized and secure rental process.

LAND owners can list their Parcels or Estates in the Decentraland Marketplace. They need to approve the Rent Smart Contract and set a daily rental price in MANA, specifying the desired rental period. Tenants pay the total rental amount upfront and can see listings in the Marketplace. Owners can also set an expiration date, with expired listings automatically removed to prevent unauthorized rentals.

Benefits for LAND Owners and Tenants

LAND owners have the flexibility to modify listing conditions before a rental agreement is made. After a rental, they can reclaim their LAND by confirming the transfer of operator permissions. It's important to note that LAND cannot be sold or bid on during the rental period. Additionally, owners retain voting power over their LAND.

For tenants, the process involves approving the Rent Smart Contract to deduct MANA from their account. They can then choose who will manage the rented LAND.

Economic Impact and Community Engagement

The introduction of this renting system highlights the growing value of digital real estate in the Web3 space. With LAND parcels averaging $3,000, rental prices range from 14 MANA to 3,000 MANA per day, making the platform more accessible. Decentraland's efforts to legitimize digital real estate through exclusive events continue to attract interest and expand its community.

Decentraland's new renting feature promises to enhance user engagement and accessibility, solidifying its position as a leader in the metaverse space.