Metaverse mortgages are being issued to buy virtual land

Metaverse mortgages are being issued to buy virtual land
  • TerraZero Technologies facilitated one of the first ever “metaverse mortgages” for a client buying virtual property in Decentraland.
  • The Web 3.0 technology company said it provided the majority of the financing.
  • Some experts remain skeptical about metaverse real estate, likening it more to a crypto asset than physical property.
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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, according to a statement released over the weekend. But financial terms nor the client’s identity were disclosed. TerraZero did not immediately respond to a request for comment.

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

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