Galaxy Interactive, the venture capital division of billionaire crypto investor Mike Novogratz’s Galaxy Digital, has played a lead investor role in virtual real estate developer Republic Realm, its CEO said.
Janine Yorio, CEO of Republic Realm said Novogratz’s support was a demonstration of approval for the $10 million investment vehicle.
Republic Realm purchases virtual real estate, a crypto resource or non-fungible token (NFT) that has its possession status and authenticity checked by blockchain. NFTs have exploded in fame in 2021, with prices soaring.
U.S.- based Republic Realm, set up in March 2021, has made in excess of 1,500 investments and recently purchased a plot of virtual real estate in blockchain-based online world Decentraland for $900,000.
Republic Realm then, at that point fosters this land by adding structures. It added a virtual shopping center and leased virtual shops to occupants, for instance.
In virtual universes like Decentraland, individuals can show their NFT arts collections, open shops and businesses, stroll around with companions, visit structures and go to occasions.
The price of blockchain-based real estate in virtual universes has surged alongside the blast in the NFT market this year.
Republic Realm didn’t reveal the size of Galaxy interactive investments.
Republic Realm is important for a private investment platform called Republic. Republic had a Series A funding round in March which raised $36 million from investors, including Galaxy Digital and Investment firm Prosus. The $10 million financing for Republic Realm is different from this.
Galaxy Interactive is important for Galaxy Digital a crypto-centered financial services group established by Novogratz, who was already a hedge funds manager at Fortress Investments and a partner at Goldman Sachs.
He left Fortress to zero in on his cryptocurrency investments, and established Galaxy Digital, which presently considers Goldman Sachs as part of its customers.
Recently, Galaxy Digital consented to give London-based Argo Blockchain a 14 million pound ($19.36 million) loan secured with bitcoin.
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