Metaverse News

Metaverse Mortgages Are Being Issued To Buy Virtual Land

TerraZero Technologies has facilitated one of the first-ever “metaverse mortgages” for a client buying virtual property in the Ethereum-based metaverse platform Decentraland. The Web 3.0 company said it provided the majority of the financing, but the financial terms and the client’s identity were not disclosed.

“Mortgages and financing availability will expedite the development and adoption of the metaverse,” said Dan Reitzik, CEO of TerraZero Technologies. “We are excited to be at the forefront of this new and exciting economy.”

Moving forward, prospective clients can use the TerraZero website to explore metaverse land listings, then finalize the brokerage process with the company. TerraZero holds the virtual land as the registered owner until the loan is paid off. Each transaction is collateralized with the underlying virtual real estate, which is represented as an NFT.

The metaverse mortgage comes as sales of virtual property exploded last year. By one estimate, sales exceeded $500 million in 2021.

(All information was provided by Markets Insider)

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