TerraZero Technologies Inc. ("TerraZero" or the "Firm"), a vertically integrated Metaverse technology company, announced today that one of its clients on Ethereum-based Metaverse platform Decentraland has completed one of the first ever "Metaverse Mortgages" (www.decentraland.org). TerraZero provided the majority of the money (loan) for the client's virtual real estate acquisition.
TerraZero is now offering this newly designed Metaverse Mortgage service to its clients who want to use the Company's 'Metaverse Mortgage' loans to finance the acquisition and purchase of virtual real estate (represented as a non-fungible token) with the underlying NFTs. According to Dan Reitzik, CEO and Founder, "TerraZero's mission is to create and distribute technologies that connect the physical and virtual worlds. A whole new economy is forming, and we want to provide businesses and others with Metaverse-specific products and services that are available in the real world. Mortgages and other forms of crypto market investments will hasten the Metaverse's development and acceptance, and we're pleased to be at the vanguard of this new and fascinating economy."
Prospective customers can to the TerraZero platform online to look at the offerings and listings (which include, but are not limited to, land size, location and suitable prefab construction pieces), or they can propose additional targeted NFT assets to the Company for a mortgage-based transaction. Then schedule a meeting with a TerraZero professional to complete the brokerage process (which will include a quick KYC/AML check to ensure the client's eligibility). TerraZero authorizes the customer to take out a mortgage on the property once the client signs the mortgage contract, with the land NFT being kept by TerraZero as the registered owner until the loan is repaid crypto to crypto according to the agreed-upon conditions. At the same time, TerraZero offers the customer 'deployment rights,' allowing them to construct on their property, organize events, manage digital marketplaces, host their internal corporate office, and so on without delay. Clients pay monthly for this service until the mortgage is paid off, at which point the virtual land (NFT) will be totally transferred to them.