O Newsverse interviewed the platform's head of engineering to understand in detail how negotiations work on Decentraland
According to the technical person responsible for rentals on the platform, property rental negotiations work securely. Using blockchain technology, everything is done through digital currencies. In a quick chat, we asked about three topics:
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1- Who rents a property in Decentraland, what can they do with it? Are there any limitations?
Once the land is rented, it is transferred to the smart rental contract. The landlord will not be able to use it until the lease ends. The Lessee (person who pays the rent) can define an operator, which can be the same person or another address. The operator only has control over the LAND in terms of scene deployment. The operator can create a new simple scene (construction) using the Scene Builder.
2- Is the documentation of the rental contracts completely secure? Are there issues to be discussed or do you believe there will be no problems in the negotiations?
There are no negotiations involved on the platform or the Smart Contract. The land owner creates an advertisement to rent the lots he wants. The owner sets the price per day and the number of days he wants his land to be available for rent.
Once published, anyone can enter the Marketplace, find the LAND they think is best for them and see the price and duration options. They can then select the duration and see the final price for the entire rental period. They pay upfront (in Ethereum MANA), this MANA goes to the LAND Owners (minus 2,5% which goes to the DAO) and the LAND to the Rent Smart Contract.
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The Rent Smart Contract (rental document) holds the LAND and gives the operator permission to the address defined by the renter. Once the rental period is over, the LAND owner must claim their LAND from the Smart Contract. The land will only be returned to the owner after the effective end of the lease.
3- Rents are based on MANA – the platform’s virtual currency – as the contractual rules are established. Is rent payment made monthly or annually?
Yes, Ethereum MANA to be exact. We also deal with Polygon MANA on the Marketplace to buy and sell items. Ethereum MANA is used for LAND and NAMES, which are assets that live on the Ethereum blockchain. For now, all payments are made in full and in cash.
As we explain here in Newsverse, Decentraland's rules of use and coexistence are based on a Decentralized Autonomous Organization (DAO), therefore, all owners of assets on the platform have the right to decisions within the metaverse.
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The platform Decentraland is one of the most popular in the metaverse. Previously, the property rental option was only available to administrators. But now it is available to any user who owns LAND – the virtual property.
Discover Decentraland, a platform that enables the purchase and sale of land in the metaverse
