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Decentraland is a 3D virtual world browser-based platform where users can buy virtual plots of land in the platform as NFTs via the MANA cryptocurrency, which uses the Ethereum blockchain. It was opened to the public in February 2020, and is overseen by the nonprofit Decentraland Foundation.
Now, Land owners on this platform can now list out their lands for rent. The new Renting System allows LAND Owners and Tenants to Rent LAND in a secure and trustless way by using a combination of signatures that are stored in a server handled by the Decentraland Foundation (off-chain) and Ethereum transactions (on-chain).
For instance, a DJ could find a cool plot of LAND, rent it and deploy a nightclub to play every Saturday. A University could rent an Estate and build a campus for its students.
Click here to find all the steps you need to follow to Rent a LAND, and the transactions involved for both parties.
Culled from Decentraland.
