Decentraland has announced that owners of lands can rent them to other users.
What is Decentraland
Decentraland is a virtual reality platform powered by the Ethereum blockchain. Decentraland is a virtual world launched in 2020.
Where users can buy virtual plots of land using one of its native token,MANA on the Ethereum Blockchain.
Users can engage with each other, play games using interactive dApp. And carry out trades to earn money.
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Developers
Two professional blockchain developers, Ari Mellich and Esteban Ordano are responsible for the smart contracts on the 3D virtual platform.
Alongside the MANA token, an ERC-20 token.,Decentraland has ESTATE an ERC-721 token.
Which represents meeting lands,and land ,an ERC – 721 non-fungible token.
Decentraland – It Launches Metaverse Land Rental
This new system will allow both land owners and tenants to rent LAND. In a safe and decentralized manner. Stored in in a server managed by the Decentraland Foundation (off-chain).
And Ethereum transactions(on-chain).
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Rent Smart Contract
Details from the announcement reveal that land owners need to allow the Rent Smart Contract to control their LAND on-chain.
Before listing it in the Decentraland marketplace. During the listing ,LAND owners will set a price per day and the number of days they want to list their LAND.
After which the LAND will be delisted if its not rented.
Renting Details
Furthermore, LAND owners can edit renting details of their land .Which has transaction implications ,they can claim their LANDS back.
After being rented by tenant by taking the Operators permission from the tenant. The LAND can also be listed again, at zero transaction fee,to be rented by another tenant.
Clauses for Renting a LAND
The renting notification by Decentraland reads that -to-be tenants can find all available LANDS for rent or sale in the marketplace.
Under the LAND section. To rent a LAND ,tenants must select the allow the Renting Smart Contract to manage their MANA first.
Before selecting the duration of the rent and paying for the LAND.
Payment Procedure
Once payment is made ,and LAND renting is approved. The tenant receives the Operator Permission . Which is reclaimable by the LAND owner once the expiration date is due.
According to the agreement ,it’s important to note that a tenant does not own the LAND being rented .And LANDS cannot be sold during the renting period.
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It Announces World’s First Metaverse ATM
The ‘Transat’ ATM is the world’s first fiat to crypto on-ramp. Designed to work interoperably in Decentraland.
The ATM is designed for users to easily purchase $MANA or any other cryptocurrency.
The ATM was developed in collaboration with Transat Payment Gateway. And Metaverse Architects Studio.
It would make it simple for consumers to buy cryptocurrency.
The initiative behind ‘Transak’
The initiative’s goal is to make it simple. For people to purchase MANA or any other cryptocurrency. “The aim is to simplify the user experience,” the developers said.
“Like an ATM in real life ,we wanted to give users a more seamless journey while navigating Web3.
Decentraland – How Things Stand ?
The Metaverse combines virtual and augmented reality, allowing users to live in a virtual world larger than the physical one.
Launched in February 2020,Decentraland is the first metaverse location ever powered by a blockchain.
Users can enter with a crypto wallet if they wish to conduct transactions inside.
Facebook Metaverse
Following the revelation that Facebook would rebrand to Meta . And moved its long -term focus from social media to 3D virtual worlds in 2021.
Decentraland received a big boost when its native token MANA soared 80% within 24 hours . To a market valuation of more than $2 billion.
Adaptations
With its “Onyx Lounge”at the Metajuku mall, Decentraland. JP Morgan Chase this year made history by becoming the first bank ever to enter Metaverse.
Barbados became the first nation to do so. When it stuck a deal with Decentraland in November to launch its virtual embassy there in January 2022.
The Metaverse early center for amusement and economic growth seems to be Deccentraland .
It has museums,virtual events like the Paris Hilton concert that took place on New Year’s Eve. Sotheby’s London art galleries,and token-based gaming.
Decentraland – Tokens
The activities of Decentraland Use 2 Distinct kinds of Tokens.
1.MANA
MANA Token
To understand the Decentraland forecast for 2023, and why Metacade looks like performing more strongly, it’s important to understand what the MANA token is about.
This is the native currency of the Decentraland platform and is an Ethereum-based token.
MANA
1. It is the cryptocurrency that is used in Decentraland to buy and sell real estate,virtual items and services. Decentraland destroys the MANA used to acquire LAND.
When it does so ,there are around 2.19 billion MANA tokens in circulation overall.
MANA is now trading for around $2.387,compared to its all time high of $5.80 set on November 25, 2021.
2. A non-fungible digital asset called LAND is stored in an Ethereum Smart Contract
It is separated into parcels, each of which is identified by a distinct pair of x and y coordinates.
Once a piece of LAND is purchased,its owner is free to do anything they want with it.
Transactions
Decentraland allows gamers to purchase NFTs of virtual apparel that can be used to unlock tokens to play. Even though it lacks a gaming license.
This suggests that the players are not exchanging their chips for cash immediately.Given that the system is digital .
It is only logical that the approved transaction methods are digital as well.
Additionally ,cryptocurrencies are fast easy to use, decentralized and not under the jurisdiction of a single entity.
e-Wallets
For example ,the protocols for Bitcoin ,Ethereum and Lite Coin feature minimal transaction costs and high levels of security.
While secondary payment options like e-Wallets could be accessible at VR casinos.
Entering credit card or bank transfer information in a virtual environment is challenging.
Decentraland has given gamers who want a chance at digital fortune in MANA a total of $15.4 million.
Decentraland To Host The Second Edition of Metaverse Fashion Week in March 2023.
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Metaverse Fashion
The fashion and luxury industries persist in their aim to make the metaverse an integral part of their future. While the craze for these new virtual worlds has tended to fade.
these two sectors seem determined to take advantage of their infinite possibilities.
As such, a second Metaverse Fashion Week will officially be held on Decentraland in spring 2023.
Decentrland As A Host– Its once again Decentraland that will have the honour of hosting some of the biggest fashion houses in one of its parallel worlds.
The event will take place after the real-world Fashion Weeks,spanning the globe from New York to Paris in February and March ,and is scheduled for March 28-31 ,2023.
Fashion Week at Decentrland Contrary to what some may think, the Web 3 revolution could very well be underway ,or at least in its early stages.
Beyond virtual clothing collections, NFTs and forays into gaming.
The metaverse is also proving to be an incredible showcase for brands and retailers.
Who use it to present their collections whether real or virtual but also to show off specific products from limited editions to collaborations.
And this will undoubtedly during the upcoming Metaverse Fashion Week.
Decentraland Fashion week development Developed in partnership with UNXD ,as well as the Spatial and OVER metaverses .This new kind of fashion week will have the theme “future heritage”.
With the aim of connecting the next generation of designers. Undoubtedly more digitally minded with what we might now call traditional designers.
And like last year ,users will be able to attend fashion shows. Move between a catwalk and a luxury shopping mall. And of course buy physical and digital clothes.
Sometimes in the form of NFTs.The event can also count on its partnership with Dress X. A specialist in digital clothing.
Fashion Brands Participation in Fashion Week
Decentraland has not yet released the names of the brands that will be taking part in this second metaverse event .In the first edition .
Dolce & Gabbana ,Tommy Hilfiger,Selfridges,Guo Pei and Paco Rabanne were among the big names present.
In total ,more than 108,000 people were curious enough to attend the event.
A figure that remained relatively low compared to the hopes and expectations that some may have for these new virtual worlds.
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FAQs
What is so great about Decentraland?
Decentraland is a 3D Digital game that is a user owned.Ethereum -based virtual world platform or metaverse .
Allowing users to to be a part of a shared digital experience.
With Decentraland ,they can play games,exchange collectibles ,buy and sell digital real estate or wearables,socialize and interact.
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Are people using Decentraland?
DCL Metrics shows that the Decentraland website has around 8,500 unique visitors during a single day.
Metacat ,world uses parcel data and shows that Decentraland might have upto 40,000 daily users.
Is it smart to invest in Decentraland?
Decentraland is extremely risky investment like most small altcoins.Its profit potential is immerse ,but so is its possible downside.
Does Decentraland coin has a future?
Decentraland Price Prediction-2030
After years of Analysis of the Decentraland price .crypto experts are ready to provide their MANA cost estimation for 2030.
It will be traded for at least $7.22 with the possible max. peaks at $8.54.Therefore ,on average ,you can expect the MANA price to be around $7.43 in 2030.
Why do people buy land in Decentraland?
Purchasing real estate in Decentraland is key for investors who intend to expand their portfolio into the virtual space.
Decentraland is the first and most established virtual land ownership platform for gamers ,creators and prospective business people.
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