Billionaire Novogratz Invests in Virtual Real Estate Developer, Which Bought $900k In Virtual Land
Billionaire Mike Novogratz’s Galaxy Digital’s venture capital division Galaxy Interactive is investing $10 million in virtual estate developer Republic Realm, which also buys cryptos and NFTs.
Republic Realm is part of a private investment platform called Republic, backed by investors, including Binance and investment firm Prosus.
Republic had a Series A funding round in March in which it raised $36 million from investors, including Galaxy Digital and Prosus. The latest $10 million funding is a separate one.
Founded in March 2021, Republic Realm has made over 1,500 investments and earlier this month bought a plot of virtual land in Decetralzand for $900k — the most expensive NFT land to date.
In Decentraland, ownership of virtual land is bought and sold in NFT form. This virtual land was made up of 259 units of land; the plot of virtual real estate represents 66,304 virtual square meters making it the biggest Decentraland land purchase in terms of virtual size.
The digital real estate firm aims to turn it into a virtual shopping district. The virtual shopping district in it is called Metajuku, modeled after Harajuku, a district in Tokyo known, which sells digital wearables.
It has also been adding buildings, including a virtual mall, and has rented out virtual shops to tenants as well. Janine Yorio, managing director at Republic Realm, in an interview, said,
“The same way that every consumer products company has a website today, they will all have virtual stores in 3D immersive environments in the future, and those stores will be in the metaverse.”
In another blockchain-based virtual world, The Sandbox sold a patch of virtual real estate for $650,000 earlier last month.
Hong Kong-based blockchain game and NFT creator Animoca Brands raised $50 million this week as part of its latest funding round, which will be used to fund product development, strategic investments and acquisitions, and licenses for popular intellectual property.
The new tranche puts its most recent funding round to about $139 million, conducted at a pre-money valuation of $1 billion, with participation from Coinbase Ventures, Samsung Venture Investment Corp., Blue Pool Capital, and Liberty City Ventures.