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Decentraland launches virtual property renting for LAND owners

December 7, 2022 Coin Telegraph

Coin Telegraph

The metaverse platform announced that users who own LAND within Decentraland can officially rent out the rights to the space through the digital marketplace.

The metaverse platform Decentranland announced a new platform feature which allows its users who own virtual LAND to essentially become landlords. Owners can now officially rent out their property to other users on the platform for predefined periods of time.

This allows users to earn passive income off of their metaverse assets.

Decentraland classifies LAND owners as accounts or wallet addresses which own the smart contract for LAND, whether it be “a Parcel, an Estate, or both."

All LAND rentals are performed in (MANA), the native token of Decentraland and paid upfront in total. The platform gave examples of digital universities renting out land to build campuses or DJs renting space for a club or party.

Similar to most rental contracts of physical properties, Decentraland landlords can not sell the land, nor can they receive any purchasing bids for purchase until after the rental contract period is over.

Decentraland followers on Twitter suggested the same rental service should also be available for wearables. Overall the community response was positive.

This comes as the metaverse continues to evolve and pick up more attention from both inside and outside of the Web3 industry.

The word metaverse itself was up for the Oxford dictionary’s word of the year, but ultimately came in second place.

Legacy internet giant Mozilla recently acquired Active Replica to boost its metaverse prowess and enhance its users' digital experiences. While the metaverse and GameFi developer Animoca confirmed rumors that it will create a billion dollar metaverse fund for developers seeking to build out digital reality.

The metaverse, particularly mega-events such as festivals and fashion week, continues to be a gateway for new community members and developers into the greater world of Web3.

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Norwegian gov’t agency opens metaverse office in collaboration with EY

October 26, 2022 Coin Telegraph

Coin Telegraph

The Brønnøysund Register Center collaborated with EY to open a virtual office in the Decentraland metaverse to reach its next generation of users.

The Brønnøysund Register Center, a Norwegian governmental agency, partnered with Big Four accounting firm Ernst & Young (EY) to step into the metaverse with a new virtual office location.

The center is responsible for managing numerous public registers for Norway, along with systems for the government’s digital exchange of information.

According to the announcement, the agency is choosing to create a metaverse location because the “future users of public services are there,” and it wants to connect with the younger generation that utilizes its services.

Magnus Jones, Nordic innovation lead at EY, told Cointelegraph:

“More and more authorities see a clear need of being present at the platforms where mainly younger generations are both for tax and legal purposes with regards to information.”

The virtual office plans to offer information on crypto reporting to users via the Norwegian Tax Agency and information on how to start an enterprise from experts at the Brønnøysund Registers.

Andreas Hamnes, a business developer at the Brønnøysund Registers, said if services continue to develop as they do now, it will contribute to increased alienation for generations who were “born digital.”

Jones continued to say that it’s the next generation that is really building “DeFi-based landscapes,” and they often have no clue or lack knowledge of tax or legal implications.

“That is why public authorities in Norway want to inform [them] about everything: from how you register a company, at what threshold VAT registrations arise, how to report your cryptos, etc.”

EY also has a metaverse office location in Decentraland, following its many Web3 developments, which include multi-million-dollar investments in the development of its own blockchain suite.

This development comes after worrisome claims were made about usership numbers in Decentraland.

Initial reports claimed that there were only around 40 unique active wallets in the metaverse platform. These numbers were corrected by both DappRadar, the source of the data, and Decentraland.

In the weeks following the incident, developers and investors in the metaverse spoke out with confidence that the metaverse is still very much a major part of the future of the internet.

DappRadar’s Q3 report revealed that blockchain games and metaverse projects raised a cumulative $1.3 billion in that quarter alone. In the same time frame, the International Criminal Police Organization entered the metaverse with its own metaverse law enforcement.

Metaverse trading volume plummeted 80% but hype hasn’t decreased

October 21, 2022 Coin Telegraph

Coin Telegraph

A DappRadar report found that while trading volumes have taken a sharp hit during Q3, the average number of NFT sales for these 10 projects only decreased by 11.55%.

Third-quarter trading volume for the top 10 Metaverse projects may have fallen 80% compared to the second quarter, but analytics firm Dappradar suggests that interest in virtual worlds still remains.

The Metaverse sector has been hit with a fair amount of negative press as of late, particularly around suggested low user activity across certain platforms, such as Decentraland and Meta — reports which they have refuted.

DappRadar noted in an Oct. 20 report that while trading volumes have taken a sharp hit during Q3, the average number of NFT sales for these 10 projects only decreased by 11.55% compared to Q2.

DappRadar explains that lower trading volumes could merely reflect decreasing asset prices and not necessarily lack of interest, noting that:

“We consider this a bullish sign because it shows that the hype for these types of projects hasn’t decreased. Instead, the fall of cryptocurrency prices has affected the projects’ overall trading volume instead of a lack of interest.”

A caveat to these sentiments however, is that eight of the top 10 Metaverse projects saw significant decreases in their NFT sales counts during Q3, with Yuga Labs’ Otherside seeing a 74% decrease for the quarter.

The positive action was primarily driven by The Sandbox and former Minecraft-based platform NFT Worlds V2, which saw NFT sale count increases of 190% and 79% apiece.

DappRadar attributed this to the hype surrounding The Sandbox’s Alpha Season 3 which offers a host of new gaming experiences and collectibles. While NFT Worlds V2 being booted off of Minecraft may have been seen as a “buying opportunity” as the value of its NFTs dropped by 90% in Q3.

Virtual lands floor prices plummet

Meanwhile, DappRadar’s report indicated that the floor prices for NFT land plots had decreased by 75% on average, which may have been one of the reasons why trading volumes had decreased by so much.

While the value of any piece of real estate, virtual or otherwise, is subject to swings, “Metaverse real estate is currently very depreciated,” DappRadar stated, adding that the declining prices are in accordance with the broader bear market of the crypto sector.

DappRadar was forced to defend its metaverse data last week, which had been interpreted to mean that platforms such as Decentraland had less than 40 daily active users.

The firm alsnoted that its user data tool only tracks users’ interaction with a blockchain, usually in the case of transactions, and did not count “non-blockchain-based activities” such as non-spending users.

The Sandbox tweeted on Oct. 10 that it had hit 39,000 daily active users, and 201,000 monthly active users over the previous 30 days.

Decentraland also reported having 8,000 daily active users and 56,697 monthly active users as of Oct. 8.

Decentraland

Virtual lands floor prices plummet

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