Buying metaverse land plots on credit has become real

The TerraZero project, focused on operations with digital objects, has issued a mortgage for the metaverse. For the first time, it became possible to purchase real estate objects on credit in the decentralized VR platform Decentraland.

TerraZero reported that two digital plots were bought with a mortgage, each of which cost about $15,000. As CEO of the project Dan Reitzek noted, the company intends to provide users with transparent tools that work equally in the real and digital world.

“A whole new economy is being formed right now. Mortgages and the availability of financing will accelerate the development and implementation of the metaverse, we are pleased to be at the forefront,” said the top manager of the company.

TerraZero remains the owner of the virtual land until the mortgage is paid off. The loan must be repaid within a couple of years. You can get a mortgage only if you make a down payment.

After the client signs the contract, he receives “deployment rights”. That is, it has the ability to create any objects on its property, launch events, open virtual offices and digital storefronts.

In addition to Decentraland, Cryptovoxels, a virtual world based on ETH, is gaining popularity among users. Users can purchase land and build shops and galleries on it. The platform contains various editing tools, avatars, and a text-based communication feature.

“We are creating an Open, social, Virtual Reality world. A world with its own economy and its own currency.” This is the slogan of the crowdfunding VR platform Somnium Space. Here, users can purchase plots of land and build schools, restaurants, cafes, cinemas, etc. on them.

Another promising project was the Zepeto mobile application. Users of the service can upload their photo to the platform to create their own digital version of themselves for communication in the VR world.

At the end of last year, the project raised $150 million from the Japanese investment conglomerate SoftBank, and Zepeto’s valuation exceeded $1 billion. Interestingly, the app is especially popular among women under the age of 24.

Analysts believe that in the near future, people will start spending a lot of time attending virtual cultural and sports events. They will buy digital land and houses.

Ownership will be enshrined in the blockchain, which will push the development of the metaverse infrastructure and related services. What do you think about it?