An online portal called Decentraland has made it possible for owners to rent out their virtual properties.

This occurs as awareness of the metaverse story among the general population increases.

One of the first platforms to promote the idea of allowing users to own plots of virtual land was Decentraland. You can build and market these parcels anywhere in the cosmos.

These platform users, or LAND owners, can now act as landlords and rent out these virtual properties. Landowners will be allowed to rent it out for a set amount of time starting in December, according to an official business statement.

The account or wallet address that has the smart contract for the digital asset is referred to as a LAND owner. The platform has made it possible for owners of these properties to produce passive income for LAND owners by allowing them to be rented out.

By enabling users to rent LAND, Decentraland emulates well-known metaverse projects like Sandbox. An additional marketplace where users can purchase, sell, and rent virtual locations.

How Decentraland Originated

Decentraland was one of the original metaverse projects, as was previously mentioned. A $24 million initial coin offering led to its 2017 launch. However, the closed beta would begin in 2019, followed by the public launch in February 2020, two years later.

Since then, platform users have had the opportunity to build a huge variety of experiences on their virtual LAND. Wide-ranging 3D scenes, interactive games, and other interactive experiences are some of the often used applications.

The native tokens MANA and LAND are the means by which these experiences can be accessed. In order to obtain non-fungible ERC-721 LAND tokens, you must burn the former, an ERC-20 token. On the platform, MANA also functions as a utility token. On the Decentraland marketplace, it may be used to pay for a variety of avatars, wearables, names, and other items.