Seems like the world has gone mad. And Vancouver is part of it. If you find real estate in the real world too expensive, you can now buy real estate in the Metaverse through a company in Vancouver. TerraZero has provided one of the first metaverse mortgages to a client financing their virtual real estate purchase within the Metaverse.
The property is in Etherium-based Metaverse platform Decentraland.
You can’t drive by to take a look because it is virtual real estate. However, once you buy this property, you can “build” on it. Do you need to hire contractors for the foundation or get the “city” to hook up the water and electricity? I don’t know. Also what is not known is the identity of the buyer or the terms of the mortgage which is convenient if this was a well thought out publicity stunt. Hyping virtual real estate with virtual money. Am I too old and cynical?
And guess what, they urge you to buy early because there is a finite number of land parcels! That is why it is so valuable. There is a limited number just like my limited-edition comic books I used to buy in my teens. And now sits rotting in my closet.
So they can’t make more? No copy and paste another virtual city? When my wife kicks me out of the house, can I move into my metaverse condo? I am still waiting for these answers and more. Will keep you posted.
