<p>Did you know that you can now become a LAND owner in the web 3 metaverse? Decentraland makes this a possibility. The metaverse platform recently debuts a unique renting system designed to allow web 3 enthusiasts to purchase or rent LAND in the metaverse.</p><p>This update is a major milestone achievement, not just for Decentraland but for the entire metaverse ecosystem. So, this article explores the metaverse ecosystem and the transformation Decentraland’s new renting feature may introduce.</p><h2><strong>Interesting Facts About Decentraland’s Renting Feature</strong></h2><p>First, it is important to note that Decentraland is one of the foremost metaverse platforms in the entire web 3 ecosystem. Its recently launched renting feature will, therefore, to a large extent completely revolutionize the digital real estate ecosystem.</p><div class="raw-html-embed"><blockquote class="twitter-tweet"><p dir="ltr" lang="en">📣 Attention LAND owners<br><br>You can now rent out your LANDs right in Decentraland’s Marketplace.<br><br>Head on over to ‘My Assets’ in the Marketplace and put your LANDs up for rent today!<br><br>All the details: <a href="https://t.co/rzvvNUSeEr">https://t.co/rzvvNUSeEr</a><br><br>Why rentals for LAND? ⬇️ <a href="https://t.co/P3QH3Nh3UE">pic.twitter.com/P3QH3Nh3UE</a></p>— Decentraland (@decentraland) <a href="https://twitter.com/decentraland/status/1599851774999138305?ref_src=twsrc%5Etfw">December 5, 2022</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div><p>The recently debuted LAND renting feature will make it possible for digital real estate enthusiasts to securely rent and own LAND in the Decentraland metaverse. The feature incorporates a unique method of combining on-chain and off-chain signatures. This, in turn, helps to ensure that LAND renting and ownership is carried out in a seamless, trustless, and secure way. Also, the new feature will introduce better incentivization mechanisms and opportunities for LAND owners. Providing them with the opportunity to lease out their LAND and earn amazing rewards.</p><p>Thanks to the new renting feature, we expect to see increasing interest in the web 3 sphere. The recently launched feature will also help welcome more users into the digital real estate-metaverse ecosystem.</p><h2><strong>How It Works?</strong></h2><p>As previously disclosed, the recently launched renting feature makes use of both on-chain and off-chain signatures. These signatures are then stored in a server managed by Decentraland and Ethereum (ETH) transactions. While both on-chain and off-chain signatures are used in the rental feature, the smart contact majorly relies on off-chain signatures. So, off-chain signatures are unique because they make it possible for LAND owners to rent out their LANDs at no transaction costs and in a secure and decentralized manner.</p><p>To list their LAND as available for renting, LAND owners need to;</p><ul><li><strong>Approve the rent contract:</strong> This gives the renter access to use the LAND in place of the LAND owner.&nbsp;</li><li><strong>Determine the rental price on a daily basis:</strong> Other important information to be clearly defined includes; the rental duration, how much has to be paid upfront, the listing expiration date, etc. &nbsp;Also, the price to be paid has to be set in MANA.&nbsp;</li><li><strong>LAND owners have all voting power over their LAND:</strong> This means they can make changes to the listing condition at any time before the LAND is rented out.&nbsp;</li><li><strong>LAND owners will need to claim it back before it can be rented again:</strong> This can be done by sending a request rescinding permission from the renter back to the owner.</li></ul><div class="raw-html-embed"><blockquote class="twitter-tweet"><p dir="ltr" lang="en">The rental feature is now live! <br><br>For a step-by-step guide on how to list LAND for sale and how to rent LAND for future builds, head over to <a href="https://t.co/rzvvNUSeEr">https://t.co/rzvvNUSeEr</a> <a href="https://t.co/zY9JgIlmc3">pic.twitter.com/zY9JgIlmc3</a></p>— Decentraland (@decentraland) <a href="https://twitter.com/decentraland/status/1599851791629570048?ref_src=twsrc%5Etfw">December 5, 2022</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div><p>Are you looking to rent land on Decentraland? The entire process is quite easy. Interested persons only need to locate their desired listing on the Marketplace and then rent it. To ensure top-notch security at all times, tenants need to also approve the rental smart contract before withdrawing MANA tokens from their accounts.</p><h2><strong>Decentraland and the Metaverse</strong></h2><p>The metaverse is currently one of the most performing spheres in the entire blockchain and crypto space and Decentraland is arguably at the center of activities in the metaverse. Notably, this is not Decentraland’s first LAND rental feature. Prior to this, the metaverse had the Decentraland Grantees and Double Protocol that facilitate land rental in the metaverse.</p><p>Currently, a parcel of LAND parcel in Decentraland is valued at an estimated $3,000 with renting prices registered between 14 MANA tokens and 3,000 MANA on a daily basis. This alone is helping to make access to the metaverse accessible to all irrespective of financial status. So, a person who can afford 14 MANA tokens (~$5.6) will have access to Decentraland same as one who can afford to rent for as high as 3,000 MANA tokens.</p><p>This will help drive adoption for the web 3 sphere and will also facilitate the influx of capital into this fast-growing yet nascent ecosystem.</p>

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