Decentraland Launched LAND Rental Platform

Decentraland Launched LAND Rental Platform

It is now possible to earn money by renting out your property through the new rentals platform created by Decentraland.

What are the Opportunities?

Using a combination of signatures stored in a server managed by the Decentraland Foundation AND Ethereum transactions (on-chain), the new Land Renting System enables LAND owners and Tenants to rent LAND securely and in a trustless way through multi-signature keys. 

The signatures are stored off-chain in a server controlled by the Decentraland Foundation. 

If, for example, a DJ is looking for LAND, he or she could find a good plot, rent it, and then deploy a nightclub every Saturday to play music. A university can lease an estate and construct a campus for the students on the property.

In the Marketplace > My Assets > LAND, you can list your LAND (Parcels or Estates) for rent as a LAND Owner. The Land Owner will have to approve the Rent Smart Contract on behalf of himself/herself to enable the Rent Smart Contract to be used on-chain on the LAND’s behalf. 

Both the Seller and the Owner must sign every listing. MANA has an option where you can set the rental price per day and the days people are allowed to rent the property. A tenant will typically pay upfront, and in total, for the rent for the period specified in the lease, based on the price per day times the number of days in the period.

Off-chain signatures play a significant role in the Rentals. LAND owners, using off-chain actions, can list LANDs as available for rent without having to pay for the cost of a transaction on-chain.

When a signer signs a listing, Rent Smart Contract can verify that the signer is the one who created the listing.

It is important to note that signing involves using a private key, a particular feature. One associated with all EOAs (Externally Owned Accounts) is the account you are using to sign listings. When executing a Smart Contract for the rental of a property, the EOA-generated signature will be verified by the Rentals Smart Contract.

To help the ecosystem grow faster, Decentraland has added a new feature. As long as there are other opportunities for people to make money and transact with each other, the virtual world is a better place. However, there is still a long way to go. There is still a lot of money involved in buying LAND, and renting LAND may also be costly.