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When the mortgage is paid off the virtual land (i.e., the NFT) is fully transferred to the borrower.ĭan Reitzig, CEO of TerraZero, told Bloomberg that it’s more like a small business loan than a consumer loan. TerraZero holds the land NFT as the registered owner until the loan is paid back, but grants the borrower ‘deployment rights.’ This enables the borrower to build on their land, organize events, run digital storefronts, or host their internal company office. Would-be land owners who intend to finance the purchase of virtual real estate (represented as a non-fungible token) use their NFT as digital asset collateral. This is becoming an option for the metaverse, as well.īeInCrypto reported that TerraZero Technologies has just provided the first-ever metaverse mortgage to buy virtual real estate.

In the real world, many people purchase real estate by getting a mortgage. According to the report, the secondary market is the main option for most buyers. The CFTE notes, however, that while primary sales happen frequently on the Sandbox platform, it’s becoming increasingly unviable for most people to purchase (un)real estate this way. Virtual land in The Sandbox can be acquired from the platform itself, or on secondary external marketplaces like OpenSea and Rarible. Similarly to the real life, landowners can also rent out their lands for others to design their own games, host events and other social activities. Location is important, since players will wander around on the Sandbox and will be attracted to more central or well-known places.” The first benefit of owning land is therefore to have a space to create digital experiences. “Create billboards for advertising or design a museum to display NFTs. According to the CFTE, virtual land owners can:

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Landowners can build various types of gaming experiences and make them available to other gamers, for free or for a price. These assets are then traded as non-fungible tokens (NFTs) on various marketplaces and are primarily used to enhance one’s experience or as creative elements for the game designers. Gamers who purchase land can populate it with games and assets, which are tokens created by players or brands that create or assemble user-generated content. In the Sandbox metaverse, “land” is a token that represents a digital piece of the platform.

Real estate prices in the metaverse Source: CFTE What Can You Do With Virtual Land?

Metaverse land