The new property addition goes live with all the hallmarks of a New York City apartment with rats and mold, as Decentraland LAND owners can now rent their property to the public.
Big things are happening in Decentraland, one of the world’s foremost metaverse platforms. Along with the mini-surge in the prices of metaverse-related tokens in the crypto market, Decentraland is featuring the first virtual version of a crummy New York City apartment this week. Announced by TikTok real estate agent Farkakte Apartments, the apartment has been put up for sale already.
The newly-listed NY City apartment has all the characteristics that crummy New York apartments are popular for, featuring showers in the kitchen, rats, empty pizza boxes, and mold-infested walls. Coinage, the community-run crypto coverage talk show, is the brand behind the metaverse listing, and the property’s broker is Stephanie Turk of Farkakte Apartments.
Sharing his thoughts on the new listing, Coinage host, Zack Guzmán said: “I have lived in some pretty terrible New York apartments, featuring mice, leaky ceilings, and a shower in the kitchen.” According to Guzmán, the team behind the project wants to see if they can replicate the success of such apartments in the universe, as they are littered all over New York and always have inhabitants, even with their terrible conditions.
The property is located in the Decentraland Metaverse and is a two-bedroom listing. The Coinage community and the broker have listed it for sale at a little over half a million dollars. While the broker believes virtual apartments may not have a lot of real estate value presently, the apartment is a fantastic work of art and is worth every penny.
The crummy apartment listing is not the only big thing happening in Decentraland. LAND rentals went live on the metaverse platform this week. The feature will help onboard more users and brands to the metaverse without owning virtual real estate and offer better incentives to LAND owners and new users.
The new rental system will leverage a system that combines multiple signatures stored in a server controlled by the Decentraland Foundation and governed by Ethereum’s rules. The rental’s smart contract will utilize an off-chain signature scheme, allowing LAND owners to list their properties for rent without paying gas fees. When the listing is signed on-chain, it is verified by the smart contract.
From the 6th of December, LAND owners can list their properties – Parcels or Estates – on the Decentraland Marketplace. They will be able to add rental durations and prices, which will be paid in $MANA, the Decentraland native token. After listing, LAND owners cannot sell their LAND until the rental period elapses and they have reclaimed it. Virtual real estate leveraging metaverse technology has grown in leaps and bounds since the hype around the metaverse increased. Ordinary users and brands have invested and continue to invest in metaverse real estate as the race to be part of the future continues. With real-life experiences like the crummy apartments in New York entering the metaverse, users can get more than an imaginary experience. Decentraland is at the heart