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Metaverse Landlords Are Creating a New Class System

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Assessing virtual properties in the Metaverse.

In line with the slump in the crypto market, demand for virtual real estate has cooled off, leaving landowners looking for new ways to profit from their investments.

Credit: James Marshall/Getty Images

For the modest price of 10,000 mana tokens (or $7,000) per day, anyone can rent land parcel 27,87 in Decentraland, a 3D virtual world that runs on the Ethereum blockchain. Renting the plot would give the tenant the right to build anything they please—a shop, an event space, an art installation, or whatever else—to host friendly passersby. But the real winner would be their landlord, who goes by the name Beatrix#7239, their virtual pockets bulging with cash. 

Not every property is as expensive as parcel 27,87, which is located in the center of the world map, close to where people first spawn into Decentraland. And no one has taken up the rental offer on these terms yet. However, a market for leasing virtual real estate is beginning to take shape, creating a new source of income for virtual landowners who buy up attractive spaces in the metaverse.

In the past nine months, brands like Mastercard and Heineken have rented plots for one-off events or product showcases and, in December, Decentraland released tools that allow anyone to rent virtual land.

From Wired
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