TerraZero's chief experience officer Brandon Johnson and chief metaverse officer Ryan Kieffer joined Cheddar News to discuss the technology company making the first-ever Metaverse mortgage.

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TerraZero Completes First 'Metaverse Mortgage' Transaction

Welcome back guys between 1000 cheddar news, terry zero technology, It's officially provided one of the first metaverse mortgages in history and then it's all happening on the ethereum based metaverse platform to central land, the Vancouver based company given the majority of the funding to allow the client to buy virtual real estate. Now the metaverse company has plans to offer that service to their clients who want to finance the acquisition and by virtual real estate that in the form of an N. F. T. Pretty interesting. Right, well joining us now to break this all down for us is Brandon Johnson, the chief experience officer and also Ryan Key for the chief metaverse officer over at Terra Zero gentlemen, great to have both of you guys here with us Ryan, I want to start with you. The plan here is to use the metaverse mortgage loans really as collateral in every transaction with the underlying N. F. T. As a digital asset here. I know some people are probably very confused on all of this. So how does this sort of process work for a prospective client here? Yeah, so it's not so different from you know, a regular mortgage. We're actually going to be very careful on who we choose. It's come come off as like a risky proposition. But you know really we we think the value of these N. F. T. S. Are going to hold and potentially even go up which is being projected. Um And really, you know, we're gonna have K. Y. C. We're gonna make sure that everything all the regulations are followed. Um everything is really going to be um above board and we want to create the standard of mortgages, you know, across the multiverse. Okay, so that's kind of interesting. So Brandon this kind of seems like for those of us who have purchased the house, this seems almost exactly to sort of the mortgage buying process. A lot of us go to to buy an actual physical home here. Is there a possibility somebody doesn't get approved for this mortgage here for this house? Um Yes, I mean, our company wants to work with other companies, brands, entrepreneurs who are seeking a more a mortgage. We're gonna work with all of them on an individual basis and we're going to assess the risk ourselves, we're keen on Ky C. And the most important thing to remember here is that regulations are going to be needed in this space and we want to be on the forefront of setting the standard and helping people get into the metaverse the right way from the start. Okay, so Ryan, this land, N. F. T. That we're speaking about here, this is gonna be held with you guys at terra zero as the registered owner until that loan is payback similar to what most people do when they get their regular house mortgage. But what sort of role do you guys sort of play with the clients once that loan is paid back here. Yeah, once the loans paid back, we actually offer a bunch of other services if they're needed. Um we would then deliver that um N. F. T. Over. But before we even have like while we're holding that N. F. T. We're gonna be giving administrative rights or operator rights. I mean on the platform you're using um to the client and they'll be able to fully use the property in any way they want to use it. Um And then once that is paid back they will receive, the entity will be sent to their wallet. Um And then after that, you know, we offer services, we can help build the platform, you can help the post events, we can help, you know, you want decorations if you want to build a house, if you want to build, you know, whatever you want, it's the metaverse, you can build whatever you want on your property. So whether it be a stadium or you know a space station, we can help you do it. So it's actually a pretty cool unique thing over there. You know, it's not just a house, it's not just a commercial office building, You can really create whatever you want and really create a great place for your friends to hang out or and also, you know, e commerce platform. Okay, so Brandon is the goal here to have everybody have sort of access to be able to partake in the metaverse here. You know, this isn't I mean as easy as designing a website and going to go Daddy here, is this essentially just allowing people to have the access to join the metaverse? Yes, there there are a lot of options out there right now, but there are a lot of nuances depending on, you know, how familiar you are with meta mass Blockchain or even crypto. But one of the more exciting things that terra zero right now is we're building and launching our Amadeu virtual real estate platform and that's going to build a bridge between the real world and the virtual world. So people will be able to acquire land, get mortgages and explore multiple metaverse worlds while doing so we're about removing barriers to entry and once you're in like Ryan was saying, we have a studio that can create any kind of experience that you want to have. So Ryan, what's the price point on something like this? Are we expecting people to pay what they would physically pay for a mortgage? Are we talking hundreds of thousands of dollars here? I mean potentially depends how big of a space you want and you know, unfortunately um people, you know, it's an open market so people can set whatever price they want, if you really want a specific piece of land, things can be millions of dollars. Um some things can be thousands of dollars um and then if you're really early in some of these new meta verses, which we like to be um you know minting can start a couple $100. So it really just depends on if you're going into an established location, a newer one, you know, there's an inherent risk with going into another one that might not pick up. Um There's even some somewhere established one to who knows what's gonna happen in the future, but we really believe that there's these blue chip properties which are the ones that we've targeted um initially that are gonna be the foundational pieces, you know, going forward. Um and I think the value once again is gonna hold, I've been in this space for a little while now and like I continue to see the appreciation of the asset um and it's really exciting to see that, you know, people are getting excited and wanting to jump in and create a great community. Okay, so Brandon, I'm sure you've heard the critics who say, look we don't even know what the meta versus like we're just now now learning about the metaverse maybe as a terminology or the term for the last few months here and this isn't even a real physical asset here. What do you sort of say to those critics out there that are sort of different in terms of the adoption process? Yeah, I mean there are always going to be critics and what you have to remember is that with anything, anything you do in business, there's going to be risk and what we're doing with our mortgages is specific to what we've seen in the metaverse and if people are interested, you know, they can reach out to us directly at terra zero dot com and we look at everything like I was saying on a case by case basis and you have to remember with the metaverse going all the way back to the origin of the internet, people were critical of that and then what? Two point oh people were critical of that too. But entrepreneurs and companies and brands forward thinkers, early adopters, people know what they want and they go after it and the mortgage is a way to lower barriers to entry for exactly that and that's what Terror Zero is looking to provide. Alright, Brandon johnson, the chief experience officer, and Ryan Keefer is the chief metaverse officer over at terra Zero, gentlemen, great to have both of you guys here