TerraZero Technologies Inc. is providing a metaverse mortgage to a client in the Decentraland metaverse. The vertically integrated metaverse tech company provided financing, enabling the client to purchase virtual real estate.
Henceforth, TerraZero will be offering a metaverse mortgage service to clients intending to acquire virtual real estate. Likewise, the company’s metaverse mortgage loans will collateralize these digital real estate transactions.
“TerraZero’s vision is to build and provide the tools that bridge the real world with the Metaverse. An entirely new economy is emerging and we want to enable entrepreneurs and others with similar products and services for the Metaverse that are available to them in the real world,” stated Dan Reitzik, CEO and Founder of TerraZero, in a press release, “Mortgages and financing availability will expedite the development and adoption of the Metaverse, and we are excited to be at the forefront of this new and exciting economy.”
While metaverse mortgages may be a new concept, purchasing virtual land isn’t. Metaverse Group made a purchase in Decentraland for nearly $2.5 million, while Republic Realm recently paid roughly $4.3 million for virtual land in The Sandbox.
Prospective clients can view and explore listings via the TerraZero platform. Listings include information like land size, location and prefab build elements. Alternatively, clients can contact the company to propose the acquisition of other NFT assets and receive a custom mortgage transaction. Said clients need then book an appointment with a company specialist to finalize the process.
Upon signing the metaverse mortgage contract, TerraZero approves the client’s mortgage. TerraZero will hold the land NFT registration until the client pays in full. However, the company offers its clients deployment rights, allowing them to build structures and host events without delay.
Much like mortgages in the real world, clients will make monthly payments to pay off their loan, at which time TerraZero will relinquish the land NFT registration to the client.