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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