Buying Virtual Real Estate in the Metaverse Now has Its Own Mortgage -

"A Vancouver firm has provided one of the first lending solutions for the whole new world we need to learn about."

Why this is important: A Vancouver firm now is offering mortgage loans for people purchasing virtual property in the metaverse. If you've been watching the recent popularity of non-fungible tokens and virtual property, the thought of a mortgage loan on virtual property isn't that much of a stretch. Virtual property is exactly what it sounds like -- virtual real estate that exists in one of a number of virtual worlds. While they exist completely virtually, they have many of the same characteristics of earthly real estate. They can be developed with virtual structures. Location, just like in the physical world, drives up prices of some virtual parcels. There also already have been disputes over the uses of neighboring parcels. And, the prices commanded for some parcels are well into the six figures. It isn't surprising that a company has stepped forward to offer financing for the purchase of virtual property. Like their real world counterparts, these virtual mortgages are secured by the title ownership in the property. Expect to see more examples popping up of virtual property taking on characteristics of traditional real property transactions and ownership.