With virtual real estate getting extremely pricey, one firm called Terrazero Technologies is offering metaverse mortgages.
stemming from mpamag.com, Terrazero completed its first metaverse mortgage from a client looking to finance the acquisition of virtual land.
Terrazero said it closed its first-ever metaverse mortgage transaction with land derived from the Ethereum-based virtual world Decentraland. Similar to a regular mortgage the buyer agrees on the terms and makes monthly payments until the loan is paid. Speaking with Andrew Martinez of National Mortgage News , Terrazero CEO and founder Dan Reitzik explains that the deed is a non-fungible token .
“We do KYC, or Know Your Customer,” Reitzik detailed. “Then they show us a business plan so that we know that they’re going to be able to pay us back over time. If it sounds viable then we buy the land on their behalf.” The Terrazero founder added: The deed is essentially an NFT. We hold that in the company’s cold storage until the loan is paid off. But we give developer rights to the land so that the person can build whatever they want. If the customer doesn’t pay, then obviously we have that as our collateral.. Furthermore, a project called the One DAO is attempting to purchase the infamous home dubbed The One Bel Air in a similar fashion.
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