Subsidiary Metaverse Group Signs First Virtual Land Lease Agreements with Four Tenants

NFT-based metaverse real estate company, The Metaverse Group, has signed its first tenants.
Image source: Metaverse Group

Quick take:

  • Tenants will be using Metaverse Group’s development and architectural services to develop their metaverse projects.
  • Tenants are renting virtual real estate parcels in Decentraland and waterfront parcels within Somnium Space.
  • The collection of tenants come from different industries.

Publicly listed Web3 investment company has announced that its subsidiary, The Metaverse Group, has signed its first virtual land lease agreements with Groundbreak Ventures, Renno & Co. Inc., Sophia Technologies, and Thrivo Technologies Inc.

The tenants will be renting virtual real estate on various parcels across Metaverse Group’s portfolio in Decentraland and waterfront parcels within Somnium Space. 

“These lease agreements mark a pivotal evolution in our Metaverse strategy. Not only do we own valuable virtual real estate but we also generate recurring revenue, similar to landlords in the physical world and to online advertising platforms such as large search engines and social media networks,” said CEO and Metaverse Group Executive Chairman, Andrew Kiguel. “These partnerships establish Metaverse Group as one of the first virtual landlords in the world to successfully lease out its Metaverse real estate.”

“Signing these initial leases for virtual real estate solidifies our position as Metaverse landlords. We are in active discussion with numerous other parties and are looking forward to launching more brands into the Metaverse this year,” added Lorne Sugarman, CEO of Metaverse Group.

Apart from leasing land, the tenants will be using Metaverse Group’s development and architectural services to develop their metaverse projects.

The collection tenants come from diverse backgrounds. Only one tenant is in the crypto industry.

Groundbreak Ventures is a venture capital firm specialising in real estate and property technology. Renno & Co. Inc. is a Canadian digital law firm specialising in crypto.

Sophia Technologies (or Sophia App) is a leading UK Education Technology Disruptor with a focus on online education and private tuition sectors. Thrivo Technologies Inc. is a technology company that creates innovative technology-based systems to overcome challenges in the salon industry in order to restore and expand salon profit potential.

It’s not known what kind of metaverse projects these tenants are working on and how much they’re leasing their respective land parcels for. recently raised $16 million to invest in metaverse real estate. It is the majority owner of The Metaverse Group, which is headquartered in Decentraland’s Crypto Valley. 

The Metaverse Group owns an eight-figure real estate portfolio across many leading virtual worlds and intends to continue to purchase, develop and rent out its portfolio of real estate assets.

The company plans to expand its offerings to include diverse areas of the metaverse such as real estate acquisition, real estate development, metaverse district development, and other related services.

Stay up to date:

Previous Post

The Sandbox Partners with Cube Entertainment to Bring K-Culture to the Metaverse

Next Post

Crypto Miner Hut 8 and Enthusiast Gaming Ink Multi-Year Deal to Launch NFTs and Web3 Projects

Related Posts