ONE of the first mortgages in the metaverse was brokered by tech company TerraZero.
The Canadian company has issued a $45,000 mortgage in the popular metaverse game Decentraland.
Supermarket mortgages may sound like an odd concept, but TerraZero CEO Dan Reitzik thinks they’re more affordable than real-world mortgages.
“We get hundreds of inquiries every day – ‘Can you help us buy a property?’
“At first we thought, ‘That’s crazy,’ and then we said, ‘Why not? “, he recalled.
“Everybody wins. Young people can’t own property in the real world right now, but they can certainly own property in the metaverse.”
Of course, the applicant – whose identity has not been disclosed – still has to go through a credit check.
The main difference is that the mortgage is unchecked and must be paid in full in two years.
A “substantial” upfront payment is also part of the deal, though TerraZero did not share further details on how much it was.
The idea is that commercial digital real estate will generate enough income to cover monthly mortgage payments.
While the client remains a mystery, Reitzik has shared that they are “planning to build some kind of game.
“There’s a concert space nearby and a golf game to the right is very popular.”
TerraZero isn’t the only company offering diversified mortgages, and it’s not just limited to Decentraland.
Above Mortgage registration page it mentions several metaverse options, including The Sandbox, Somnium Space, and Solana Portals.
Super diversified investments are always risky, so you need to do your due diligence before committing.
Even if you are approved for a mortgage, the plug can be pulled into these metaverse ‘games’ leaving you with nothing to show for your money.
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https://www.the-sun.com/tech/4605557/i-took-out-a-45k-metaverse-mortgage-in-decentraland/ I took a $45k Metaverse mortgage in Decentraland because the real stuff was so expensive