Decentraland launches metaverse land rental
Decentraland has announced that owners of lands can rent them to other users. The new system will allow both LAND owners and tenants to rent LAND in a safe and decentralized manner, stored in a server managed by the Decentraland Foundation (off-chain) and Ethereum transactions (on-chain).
Decentraland is a virtual world launched in 2020, where users can buy virtual plots of land using one of its native tokens, MANA, on the Ethereum blockchain. Apart from buying lands, users can also engage with each other, play games using interactive dApps, and carry out trades to earn money.
Two professional blockchain developers, Ari Meilich and Esteban Ordano are responsible for the smart contracts on the 3D virtual platform. Alongside the MANA token, an ERC-20 token, Decentraland has ESTATE, an ERC-721 token, which represents meeting lands, and LAND, an ERC-721 nonfungible token.
How to rent LANDS on Decentraland
Details from the announcement reveal that LAND owners need to allow the Rent Smart Contract to control their LAND on-chain before listing it in the Decentraland marketplace. During the listing, LAND owners will set a price per day and the number of days they want to list their LAND, after which the LAND will be delisted if it’s not rented.
Furthermore, LAND owners can edit renting details of their LAND, which has transaction implications; they can claim their LANDs back after being rented by tenants by taking the Operator’s Permission from the tenant. The LAND can also be listed again, at zero transaction fee, to be rented by another tenant.
The renting notification by Decentraland reads that to-be tenants can find all available LANDS for rent or sale in the marketplace under the LAND section. To rent a LAND, tenants must select the allow the Renting Smart Contract to manage their MANA first before selecting the duration of the rent and paying for the LAND. Once payment is made, and LAND renting is approved, the tenant receives the Operator Permission, which is reclaimable by the LAND owner once the expiration date is due.
According to the agreement, it’s important to note that a tenant does not own the LAND being rented (so secure your content on the LAND before the expiration date), and LANDs cannot be sold during the renting period. For more details, see this.
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