Decentraland Launches Virtual Property Lending Platform
The famous metaverse firm, Decentraland recently launched a virtual property lending platform to allow users who own virtual LAND to earn rental income. With the new feature, virtual LAND owners can rent their properties to other users for a specified duration.
Earning Passive Income Via LAND Renting
The latest project from Decentraland is one of the exciting features to be added to the metaverse ecosystem as the virtual landscape continues to see increasing adoption. LAND owners could earn passive income by renting their properties to users over a specified period.
Furthermore, Decentraland labeled LAND owners as wallet addresses holding the smart contract for LAND, which can be an estate or a virtual land. Accordingly, all the LAND rentals are processed with the native token of Decentraland, MANA, which requires full payment in advance.
Moreover, Decentraland also gives examples of potential profit opportunities, like universities renting out land to develop new campuses. In addition, DJs can also rent spaces for either a party or show event.
The new process is similar to lending out physical properties: landlords on Decentraland are not permitted to sell their lands. Instead, they can only receive a bid regarding a potential purchase after the expiration of the rental contract.
Meanwhile, followers on Twitter have suggested that the platform make available the same rental services for wearables on Decentraland. The response from the Decentraland community to this new development has been overwhelmingly positive.
The Metaverse As Web3’s Shining Light
The latest development comes as the virtual ecosystem attracts institutions and groups within and outside the Web3 ecosystem. Furthermore, many corporate giants plan to move part of their operations to the metaverse as the virtual space becomes part of their future workplace.
Other established companies have made several investments toward the metaverse project, with Meta, Facebook’s parent company, leading the pack. In addition, Internet giant Mozilla recently announced its acquisition of Active Replica to enhance its metaverse environment and boost users’ experiences.
For its part, Animoca Brands, the GameFi creator, also confirmed the speculation that it plans to start a billion-dollar metaverse fund for promising developers looking to build an alternate reality. With the growth in cryptocurrency adoption, interest in the virtual space will continue to spike as further investment finds its way into the ecosystem.
However, the future of the metaverse is highly undefined, despite the limitless opportunities, with some of the world’s top brands exploring the new realm.
At the forefront of the movement for expansion into the metaverse are tech brands that create replicas of their physical products and display them in the virtual environment. With use cases becoming the focus of the metaverse discussion, companies continue to find ways to reach new markets and retain existing ones.
The opportunities for consumers and brands are never in doubt as firms get to personalize their services based on clients’ preferences. But, for now, the wait is ongoing as the virtual ecosystem needs to tune in to align with the changing pattern of the market.
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