TerraZero Technologies, a metaverse tech company, has completed a ‘metaverse mortgage’ with a client, according to a Saturday (Jan. 29) press release.
This all went down in the Ethereum-based Metaverse platform Decentraland.
Vancouver-based TerraZero gave the majority of the funding to allow the client to buy virtual real estate and plans to offer the service to its clients who want to finance the acquisition and buy virtual real estate, represented as a non-fungible token (NFT).
It plans to use ‘Metaverse Mortgage’ loans to collateralize every transaction with the underlying NFTs as digital assets.
Clients will have the ability to go online on the TerraZero platform, explore offerings and listings, or propose other targeted NFT assets to the company for a mortgage-based transaction.
Once the client signs the contract, TerraZero approves them to take out the mortgage on the property, using the land NFT to be held with TerraZero as the registered owner until the loan is paid back.
“TerraZero’s vision is to build and provide the tools that bridge the real world with the Metaverse,” said CEO and Founder Dan Reitzik. “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. 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.”
PYMNTS wrote recently that tech giants have been working to monetize the metaverse, with projects intending to make more opportunities around what they consider a burgeoning scene. Roblox said it was looking at making more opportunities to build a virtual economy, it said.
Read more: Tech Giants Moving to Vastly Expand and Monetize the Metaverse
The metaverse has seen developments as of late consisting of being able to buy real estate, as covered above — another transaction went forward last year where Tokens.com said it was buying stake in Metaverse Group, one of the first NFT-based real estate companies, according to the company itself.
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