TerraZero Technologies Inc. Provides one of the First Ever 'Metaverse Mortgages' To a Client, Financing Their Virtual Real Estate Purchase Within the Metaverse
Jan 29, 2022, 15:59 ET
- TerraZero completes one of the first ever 'Metaverse Mortgages'.
- Provides for a greater number of people to acquire virtual real estate.
VANCOUVER, BC, Jan. 29, 2022 /PRNewswire/ - TerraZero Technologies Inc. ("TerraZero" or the "Company"), a vertically integrated Metaverse technology company, announces that it has completed one of the first ever 'Metaverse Mortgages' with one of its clients in Ethereum-based Metaverse platform Decentraland (www.decentraland.org). TerraZero provided the majority of the financing (lending) to enable the client to purchase its virtual real estate.
From now on, TerraZero offers this newly designed Metaverse Mortgage service to its clients who intend to finance the acquisition and purchase of virtual real estate (represented as a non-fungible token) with the help of the Company's 'Metaverse Mortgage' loans collateralizing each transaction with the respective underlying NFTs as digital assets.
Dan Reitzik, CEO and Founder stated that:
"TerraZero's vision is to build and provide the tools that bridge the real world with the Metaverse. An entirely new economy is emerging and we want to enable entrepreneurs and others with similar products and services for the Metaverse that are available to them in the real world. Mortgages and financing availability will expedite the development and adoption of the Metaverse, and we are excited to be at the forefront of this new and exciting economy."
Prospective clients go online to the TerraZero platform, explore offerings and listings (including but not limited to land size, location, and applicable prefab build elements), or propose other targeted NFT assets to the Company for an individual mortgage-based transaction and book a time with a TerraZero specialist to finalize the brokerage process (including a brief KYC/AML process to verify the client's eligibility). Once client signs the mortgage contract, TerraZero approves client to take out the mortgage on the property, with the land NFT to be held with TerraZero as the registered owner until the loan is paid back based on the agreed upon terms. At the same time, TerraZero grants the client 'deployment rights' so the client can without delays build on their land, organize events, run digital storefronts, host their internal company office, and so on. For this service, clients make monthly payments until such time that the mortgage is paid off, upon which the virtual land (NFT) will be fully transferred to the client.
About TerraZero Technologies Inc.
TerraZero Technologies Inc. ("TerraZero") was founded by cryptocurrency and blockchain pioneer Dan Reitzik, co-founder and former CEO of DMG Blockchain Solutions Inc., one of North America's leading Bitcoin miners. TerraZero is a vertically integrated Metaverse development group and leading Web 3.0 technology company specializing in the Metaverse space. The Company's Metaverse agnostic vision is to develop, acquire, and finance the Metaverse's most promising companies, entrepreneurs, and developers, while creating solutions to further enhance the Metaverse usability for greater community engagement within the Metaverse, and to connect the real world to the Metaverse, for the creation of new economies and user experiences that will shape the future of Web 3.0. TerraZero also owns digital real estate and provides offices and services to those interested in the Metaverse. Furthermore, TerraZero acquires, designs, builds, and operates virtual assets and solutions to monetize the Metaverse ecosystem. The Company's businesses are segmented into five (5) divisions which include: (1) virtual real estate; (2) advertising; (3) data analytics; (4) events and marketing; and (5) infrastructure. TerraZero aims to support the community, foster innovation, and drive adoption. For more information, please visit www.terrazero.com or contact [email protected].
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain statements and information that may constitute forward-looking information or statements within the meaning of applicable securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends," "expects," or "anticipates," or variations of such words and phrases or statements that certain actions, events, or results "may," "could," "should," "would," or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward–looking statements," are not historical facts and are made as of the date of this news release, which includes without limitation, statements regarding discussions of future plans, estimates, and forecasts and statements as to management's expectations and intentions with respect to, among other things: the Company's intention to provide Metaverse mortgages; that establishing an early presence within the Metaverse will provide the Company with new users, branding, and marketing opportunities; events, courses of action, and the potential of the Company's technology and operations, among others, are all forward-looking information.
Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, business, economic, and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company's financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to personnel, employees, and consultants; market conditions and the demand and pricing for products and services; the demand and pricing of cryptocurrencies and NFTs; security threats, including a loss/theft of TerraZero's NFTs, cryptocurrencies, and other assets; TerraZero's relationships with its customers and business partners; TerraZero's ability to successfully define, design, and release new products in a timely manner that meet customers' needs; the ability to attract, retain, and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. As a result, TerraZero may not actually achieve its plans, projections, or expectations. In addition, such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to develop software successfully, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals, and the price of cryptocurrencies and NFTs. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements.
Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain regulatory approval, the continued availability of capital and financing, technology failures, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of COVID-19 or other viruses and diseases on the Company's ability to operate and hire personnel, competition, security threats including stolen NFTs and cryptocurrencies from TerraZero or its customers, consumer sentiment towards TerraZero's products, services and Metaverse technology generally, exchange rate fluctuations, failure to develop new and innovative products, litigation, increase in operating costs, increase in labor costs, decrease in the price of cryptocurrencies and NFTs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market, or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties.
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