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TerraZero completes one of the first ever ‘Metaverse Mortgages’.
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Provides for a greater number of people to acquire virtual real estate.
TerraZero Technologies Inc. (“TerraZero” or the “Company”), a vertically integrated Metaverse technology company, announces that it has completed one of the first ever ‘Metaverse Mortgages’ with one of its clients in Ethereum-based Metaverse platform Decentraland. TerraZero provided the majority of the financing (lending) to enable the client to purchase its virtual real estate.
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From now on, TerraZero offers this newly designed Metaverse Mortgage service to its clients who intend to finance the acquisition and purchase of virtual real estate (represented as a non-fungible token) with the help of the Company’s ‘Metaverse Mortgage’ loans collateralizing each transaction with the respective underlying NFTs as digital assets.
Dan Reitzik, CEO and Founder stated that:
“TerraZero’s vision is to build and provide the tools that bridge the real world with the Metaverse. 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.”
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Prospective clients go online to the TerraZero platform, explore offerings and listings (including but not limited to land size, location, and applicable prefab build elements), or propose other targeted NFT assets to the Company for an individual mortgage-based transaction and book a time with a TerraZero specialist to finalize the brokerage process (including a brief KYC/AML process to verify the client’s eligibility). Once client signs the mortgage contract, TerraZero approves client to take out the mortgage on the property, with the land NFT to be held with TerraZero as the registered owner until the loan is paid back based on the agreed upon terms. At the same time, TerraZero grants the client ‘deployment rights’ so the client can without delays build on their land, organize events, run digital storefronts, host their internal company office, and so on. For this service, clients make monthly payments until such time that the mortgage is paid off, upon which the virtual land (NFT) will be fully transferred to the client.
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