Decentraland introduces rental system for its LAND

The metaverse platform Decentraland has announced a new feature that allows users to rent out their own virtual property “LAND” on the platform to earn an income.

LAND owners can set the amount of rent for a predefined length of time. The rent is paid with Decentraland’s native token “MANA” upfront in total. 

After a LAND is rented out, its owner cannot list it for sale or accept any bids until the rental period has ended. Voting rights however remain with the LAND owner during the lease term.

Decentraland said the new rental system can allow virtual universities to rent out land to build new campuses or DJs to rent space for a club or party.

In February, TerraZero, a Canadian company that deals with virtual real estate in the metaverse space, started offering loans to prospective buyers of Decentraland’s virtual properties.