The rental rules would be similar to physical properties but in the metaverse.
The popular metaverse platform, Decentraland, has announced a property renting feature for LAND owners, which has received a positive response from the crypto community. According to this new feature, owners of LAND could help earn a passive income by renting out their virtual LAND to other users of Decentraland for a specific period of time. Wallet addresses or accounts technically own LAND in Decentraland if they own the smart contracts for a specific piece of LAND. These accounts would be further able to rent out now.
‘The new Renting System allows LAND Owners and Tenants to Rent LAND in a secure and trustless way by using a combination of signatures that are stored in a server handled by the Decentraland Foundation (off-chain) and Ethereum transactions (on-chain). For instance, a DJ could find a cool plot of LAND, rent it and deploy a nightclub to play every Saturday. A University could rent an Estate and build a campus for its students.’, states the official announcement by Decentraland.
Crypto enthusiasts hailed this feature as yet another feather in the cap for the metaverse, which has gained extreme popularity in the past few years with major technology companies also involved in its development. This new feature is expected to make the metaverse concept more popular in 2023.