When Facebook owner Mark Zuckerberg first introduced Metaverse, many were skeptical, but some future-thinking investors saw it as a massive opportunity. One company is trying to cash in on this virtual world – specifically, in the metaverse real estate space.
TerraZero Technologies, a vertically integrated Metaverse development group, has announced closing its first-ever “Metaverse Mortgage” transaction via the Ethereum-based Metaverse platform, Decentraland.
TerraZero now offers Metaverse Mortgage loans to its clients looking to finance the acquisition and purchase of virtual real estate. According to its release, real estate is represented in the Metaverse as a non-fungible token (NFT) – a digital asset representing real-world objects like art, collectibles, and even real estate. NFTs are bought and traded online, usually with cryptocurrency, and are generally secured by the Ethereum blockchain. According to Ethereum.com, this means they can only have one official owner at a time, and no-one can modify the record of ownership or copy/paste a new NFT into existence.