Highly-prized plots of digital land are fetching fortunes on the biggest metaverse platforms. Is metaverse real estate a shrewd investment in future tech or the next big boondoggle?
spent over $2 million on virtual land and has formed a metaverse real estate company. And now you can even get a metaverse mortgage, kind of. Almost everything in crypto, of course, has a whiff of the absurd. But especially for those not paying close attention to the space, the idea of “digital real estate” can seem particularly bonkers.
And this is where the beer comes in. At halftime of the most recent Super Bowl, Miller Lite opened a virtual bar in Decentraland. Dan Reitzik’s company helped that come to life and “20,000 to 30,000 avatars visited over the day,” says Reitzik, who adds “the average length of time that each person interacted with Miller in the bar was 23 minutes, which in marketing is incredible.” As I’ve, brands ranging from Adidas to Clinique to Fidelity are all trying to “enter the metaverse.
“We looked at it and said that this business is viable,” says Reitzik. “We gave him a two-year loan. It’s not really a mortgage.” Terrazero purchased the parcel on behalf of the client, then held the NFT , and then granted him the development rights on that land. “He can build his dream, make his money and pay us off. And once he pays us off, he owns the land,” explains Reitzik. As soon as the news of the mortgage went public, Terrazero received “thousands of inquiries.
This is why Yorio’s company – now with a team of 45 – invests in a portfolio of 27 metaverses and is tracking “a couple hundred,” including virtual worlds that haven’t even launched. Suddenly the company’s name “Everyrealm” makes sense. “You have to look at it like a VC would,” says Yorio, meaning that she’s assessing early-stage startups. “We’re looking at the team.
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