Crypto Investor and billionaire Mike Novogratz is backing virtual real estate company, Republic Realm
Virtual real estate developer Republic Realm secured substantial investment from Galaxy Interactive, part of Galaxy Digital, a crypto focused financial services group founded by Billionaire Mike Novogratz.
Janine Yorio, Co-head at Republic Realm, told Reuters in an event that Mike Novogratz's backing was a vote of confidence for the $10 million investment vehicle, without disclosing the terms of the deal.
Mike Novogratz, ex-hedge fund manager at Fortress Investments and a partner at Goldman Sachs left his previous job to focus on his cryptocurrency investments, and founded Galaxy Digital, with Goldman Sachs as one of its clients. With this investment, Galaxy Interactive has taken a lead investor role in the company.
Republic Realm buys virtual real estate (ownership status and authenticity verified by blockchain) and develops the digital land by adding buildings with a team of game designers and 3D imagers. These digital real estates can be similar to physical stores with the virtual mall, virtual shops that can be rented out to tenants who can display, sell NFT’s arts and other digital assets. People can also hold virtual meetings, walk around with friends, visit buildings in these digital spaces.
In Q1 of 2021, the popularity of NFTs went absolutely ballistic with prices skyrocketing. Republic Realm, launched in March 2021, has made more than 1,500 investments and bought a plot of virtual land for $900,000 earlier this month in the blockchain-based online world called Decentraland.
In these digital worlds, cryptocurrencies will be the main mode for transactions in digital stores to purchase digital goods. Digital assets purchased will be held on the blockchain and in user's crypto wallets.
The valve of Blockchain-based virtual real estate and other digital assets has surged this year with the growth of the NFT market to 26x, $1.5B in sales compared to 2020.
CBW - External Analyst