Tech Firm Closes First Metaverse Mortgage For Acquisition In Decentraland

In what’s being touted as a first-of-its-kind transaction, a venture capital firm has taken out a mortgage to occupy space within the metaverse.

Canadian technology firm TerraZero, which was founded last year to capitalize on burgeoning demand for the virtual community concept, offered financing for the approximately $30K deal. The undisclosed borrower acquired two parcels in Decentraland, one of about 10 major community platforms within the metaverse, where each digital parcel runs about $15K, TerraZero CEO Dan Reitzek told Bisnow.