Users who own Decentraland LAND or ESTATE are able to list their assets into the LandWorks protocol. Upon listing the Land/Estate NFT is transferred and locked into the LandWorks protocol. The protocol mints LandWorks NFT (representing the deposited land) to the sender in exchange.
The assets being held by the protocol can be unlocked only by the LandWorks NFT owner or approved address.
Upon listing, the following properties are specified:
min period -> the minimum number of seconds the land can be rented by a given address
max period -> the maximum number of seconds the land can be rented by a given address
max future time -> the timestamp delta after which the protocol will not allow for the land to be rented. It is used to enforce the liquidity of the land, based on the preferences of the depositor. See Land liquidity.
payment type -> the payment token in which rent will be charged. See Payment Options.
price per second -> the price of the rent charged per second
In the future, lenders will be able to define custom algorithms for rent prices such as proportional decreases for price per second with the increase of the period of renting.