Cryptocurrency Fund for Virtual Real Estate hits Booking Maximum
It is reported that Republic, the third largest equity crowdfunding portal in the United States, launched the \”Republic Realm Metaverse Real Estate Fund\” in Ma…
It is reported that Republic, the third largest equity crowdfunding portal in the United States, launched the “Republic Realm Metaverse Real Estate Fund” in March 2021, which is only for a few certified investors. It reached the maximum booking amount of $75 million in a very short time. The fund mainly focuses on the purchase of virtual real estate in NFT games, such as Sandbox, axxie Infinity and Decentraland. After buying the land, their idea is to hold it for a long time and continue to develop it into a virtual shopping center, activity space and other communities. However, assets based on encryption have declined significantly since the peak in 2021. Since the collapse of FTX, the United States Securities and Exchange Commission (SEC) has been cracking down on this field. In addition, since December 2021, the financing has been on hold and investors’ funds cannot be obtained. Republic said that now the SEC has officially closed it, so the fund will not make progress.
The crowdfunding platform Republic cancelled the $75 million yuan universe fund
Interpretation of the news:
The announcement of the “Republic Realm Metaverse Real Estate Fund” early this year had caused quite a stir in the market. The fund, which focused on the purchase of virtual real estate in NFT games, had reached its maximum booking amount of $75 million in a remarkably short time. However, the recent decline in cryptocurrency assets since the peak in 2021 has caused alarm among investors. Along with the collapse of FTX, the SEC has started cracking down on cryptocurrencies, putting a hold on financing since December 2021.
The fund aimed to hold virtual real estate purchased in NFT games such as the Sandbox, Axie Infinity, and Decentraland, and develop it into virtual shopping centers, activity spaces, and communities. The idea seemed promising, but since the SEC’s recent crackdown on cryptocurrencies, the fund’s future is uncertain now that it has been officially closed. Investors who had invested in the fund may now lose their funds as a result.
The Republic Realm Metaverse Real Estate Fund was only available to a few certified investors. It was a part of Republic, which is the third-largest equity crowdfunding portal in the United States. The announcement of the fund’s booking maximum had highlighted the level of interest that investors had in virtual real estate, as it had managed to hit its $75 million goal so quickly.
This announcement came just after the emergence of the NFT games trend. NFT games use non-fungible tokens, similar to cryptocurrencies, to create unique assets that players can own, trade, and earn real-world value from. The trend had gained a lot of attention and investment, as people saw opportunities to make a profit from emerging assets.
Although the fund held a promising future, the SEC’s crackdown on cryptocurrencies, along with the declining value of cryptocurrency assets, has put a hold on investments. Holding an NFT-based real estate asset may have seemed like a good investment opportunity, but with the SEC’s recent developments, investors’ hopes may now be dashed.
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