Proptee unveils first metaverse investments
European property investment platform Proptee has introduced crypto coins linked to digital land in the metaverse.
The app-based investment platform will let users buy and sell coins linked to the virtual worlds, without taking any commission.
The metaverse is made up of a series of different virtual worlds and has created a market where users can buy and sell portions of digital land using dedicated cryptocurrencies.
Investors can benefit from growth in the value of the land and also rental income if they let other users display virtual assets on their digital property.
Proptee provides access to metaverses in Decentraland, The Sandbox, Somnium Space and Axie Infinity.
Read more: Proptee secures €60,000 to develop and launch its property investment app
Read more: UK crackdown on crypto advertising
Benedek Toth, chief executive of Proptee, told Peer2Peer Finance News earlier this year that this was an area the platform was interested in exploring.
“There are games such as Decentraland where somebody owns the land you are walking on,” he said.
“We already have plans, we have some land lined up but don’t want to provide a bad investment.
“It is really hard to do due diligence, fundamentally the land value depends on the quality of the game, if people play than it goes up a lot, if not then it goes to zero. We need to make sure they are good games and we can back it up with good data.”
The platform had planned to enter the UK market last summer and to launch an Innovative Finance ISA but has paused this until there is a clear legal framework for cryptocurrencies in the UK.
