The company will set the standard for traditional real estate investors looking to diversify in the virtual real estate world.
A successful venture capital round in Unicrypt, a universal crypto management platform, MetaSpace Real Estate Investment Trust (MREIT) launched on PancakeSwap, the decentralized exchange with over $2 billion in daily trading volume.
The MREIT founder, Eric Klein, said the company will focus on buying, leasing, and minting high-traffic virtual real estate in the metaverse with profits flowing back to token holders via smart contracts, much like a traditional real estate investment trust (REIT). The company will be fully audited by KYC (know-your-customer) and will set the standard for traditional real estate investors looking to diversify in the virtual real estate world.
Though some investors may feel wary about this venture, not knowing what the virtual world entails, the company founder Klein came from a traditional real estate background himself. Having made big moves in the residential and commercial real estate sectors through the mid-2010s, Klein became intrigued by Bitcoin after the success of his initial Bitcoin investment.
In 2019, Klein saw the potential to evolve in a way other real estate companies have yet to do. He then launched KleinCap Investments, a cryptocurrency and blockchain investment company, which produced nearly 4,000% returns in its first year of business. Now with MREIT, a subsidiary of KleinCap, Klein is hoping to become a global leader in the metaverse space by offering access to one of the fastest rising asset classes.
“It’s the biggest opportunity of our generation,” Klein said. “Especially for those of us who work in real estate and have seen the industry shift in unprecedented ways. If you’re not on board, you’re being left behind. That’s just a fact.”
Klein isn’t alone in this venture, though, as more real estate veterans are already making their move to the metaverse. On December 9, 2021, Forbes reported that the blockchain infrastructure company, Alchemy, was launching its own venture capital fund. For Klein, Alchemy’s move solidifies the direction his industry is going in, but fears that many will be operating from a FOMO mentality.
“Companies need to understand the groundwork and foundation in order to see where we are going,” Klein continued. “That’s why we spent several months digesting as much as we could before coming to the surface with MREIT. We wanted to make sure we were working with the best of the best. And that’s what we’re doing.”
Since launching on Unicrypt, MREIT has seen a growth rate of over 30% with the company hitting its soft-cap target in just 24 hours. Klein and his developers have worked hard to ensure MREIT has the most successful launch to date.
“This is the future,” Klein says. “By 2022, we’ll have partnerships with leading real estate developers, architects, influencers, and brokers to bring MREIT to the forefront of the metaverse. We’ll be announcing an NFT and staking platform by mid-2022 which will attract AAA tenants to secure long-term profitability for our token holders.”