With the help of billionaire Mike Novogratz, virtual real estate is taking off


Virtual Real Estate Takes Off With Backing From Billionaire Mike Novogratz

The virtual real estate industry is booming. Mike Novogratz, a crypto millionaire and investor, has invested heavily in virtual real estate developer Republic Realm through his venture capital business Galaxy Interactive. The agreement was announced in an exclusive by Reuter, but no details were revealed at this time.

This vote of confidence in the form of a significant investment from Novogratz’s venture capital business bodes well for the burgeoning digital real estate market. Despite owning a number of digital businesses, Galaxy Interactive is part of the Galaxy Digital portfolio, of which Novogratz is the CEO. In the field of digital asset investing, Galaxy Digital is a leader.

Republic Realm just received a ten-million-dollar investment, although Galaxy Interactive’s investment is different from that. Republic Realm made waves two weeks ago when it paid nearly $1 million for a block of virtual property. They will undoubtedly continue to push the boundaries of what digital assets are and how they can be used with such investment and innovation on the blockchain.

What Is The Relationship Between Blockchain And Virtual Real Estate?

Republic Realm is a virtual real estate company that acquires property in virtual worlds and develops it with a team of game designers and 3D imagers. Tenants that sell NFTs and other digital assets can rent out digital storefronts. In addition, these venues may be used for virtual gatherings or meetings.

Metajuku, which is now located in a virtual world named Decentraland, is their major shopping mall. The DAO network is used to run Decentraland. Republic Realm’s Managing Director, Janine Yorio, makes an excellent argument when she says: «Real world shopping malls are sitting half empty as stores move more business online. Meanwhile, elaborate virtual malls are being built in the metaverse, a nascent industry called ‘de-commerce.»

In a different ad on Republic Realm’s website for a virtual villa and private island digital world coming soon: «Your private island can serve as a backdrop to your digital identity, opening digital doors for you and creating the online life you dream about living.»

Cryptocurrencies will, of course, be the primary form of transaction in these digital worlds. Stores, digital land, and digital commodities purchased in these virtual worlds will also be stored on the blockchain and in users’ cryptocurrency wallets.

Will Cryptocurrency Prices Be Influenced by Virtual Real Estate?

At this time, major news from the virtual real estate market is unlikely to have a large impact on bitcoin values. That might, however, alter in the near future. The values of digital assets, digital land, and any crypto linked with those assets will rise as more virtual worlds are established, and more people participate in them.

Despite the fact that BTC and the crypto market, in general, have held strong following their recent decline, this is a significant vote of confidence in blockchain technology from a VC with a lot of money to spend. They believe that blockchain technology will power the future of virtual cities and planets.

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