Decentraland has announced the launch of a new renting system for its metaverse platform.
As a result, LAND owners and renters can now rent LAND in a safe way by using a combination of signatures stored in an off-chain server managed by the Decentraland Foundation and Ethereum transactions (on-chain).
In this way, companies and artists can rent out a space to host an event for a day or as long as they desire, even if recurring.
Owners who want to rent out their LAND can do so by putting it on the Decentraland marketplace. They can then decide how many days they want people to rent it for and the price per day.
Owners can also choose when the listing will expire. This means that if the LAND is not rented by the specified date, it will be withdrawn from the marketplace.
After the rent time has expired, owners can either collect their LAND or relist it for rent.
Tenants, on the other hand, will be able to choose from various lands available for rent on the marketplace, then select the period, accept the Rent Smart Contract, and pay with MANA.
This new option would make it easier for businesses, artists, and people interested in joining Web3 to do so, removing any barriers to owning and developing a metaverse place. Builders, on the other hand, will be able to boost their earnings by having their spaces occupied.
Decentraland is taking various initiatives to improve the user metaverse experience and contribute to the new era by organizing huge events. It just announced the next Metaverse Fashion Week (MVFW), the largest digital fashion event, will take place in 2023.