<p>Galaxy Interactive, the venture capital division of billionaire crypto investor Mike Novogratz's Galaxy Digital, has taken a lead investor role in virtual real estate developer Republic Realm, its managing director said.</p>.<p>Janine Yorio, managing director of Republic Realm, told Reuters Novogratz's backing was a vote of confidence for the $10 million investment vehicle.</p>.<p>Republic Realm buys virtual real estate, a crypto asset or non-fungible token (NFT) that has its ownership status and authenticity verified by blockchain. NFTs have exploded in popularity in 2021, with prices skyrocketing.</p>.<p>US-based Republic Realm, set up in March 2021, has made more than 1,500 investments and earlier this month bought a plot of virtual land in blockchain-based online world Decentraland for $900,000.</p>.<p>Republic Realm then develops this land by adding buildings. It has built a virtual mall and rented out virtual shops to tenants, for example.</p>.<p>In virtual worlds such as Decentraland, people can display their NFT art collections, open shops and businesses, walk around with friends, visit buildings and attend events.</p>.<p>The price of blockchain-based real estate in virtual worlds has surged along with the boom in the NFT market this year.</p>.<p>Republic Realm did not disclose the size of Galaxy Interactive's investment.</p>.<p>Republic Realm is part of 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 funding for Republic Realm is separate from this.</p>.<p>Galaxy Interactive is part of Galaxy Digital, a crypto-focused financial services group founded by Novogratz, who was previously a hedge fund manager at Fortress Investments and a partner at Goldman Sachs.</p>.<p>He left Fortress to focus on his cryptocurrency investments, and founded Galaxy Digital, which now counts Goldman Sachs among its clients.</p>.<p>Earlier this week, Galaxy Digital agreed to give London-listed Argo Blockchain a 14 million pound ($19.36 million) loan secured with bitcoin.</p>
<p>Galaxy Interactive, the venture capital division of billionaire crypto investor Mike Novogratz's Galaxy Digital, has taken a lead investor role in virtual real estate developer Republic Realm, its managing director said.</p>.<p>Janine Yorio, managing director of Republic Realm, told Reuters Novogratz's backing was a vote of confidence for the $10 million investment vehicle.</p>.<p>Republic Realm buys virtual real estate, a crypto asset or non-fungible token (NFT) that has its ownership status and authenticity verified by blockchain. NFTs have exploded in popularity in 2021, with prices skyrocketing.</p>.<p>US-based Republic Realm, set up in March 2021, has made more than 1,500 investments and earlier this month bought a plot of virtual land in blockchain-based online world Decentraland for $900,000.</p>.<p>Republic Realm then develops this land by adding buildings. It has built a virtual mall and rented out virtual shops to tenants, for example.</p>.<p>In virtual worlds such as Decentraland, people can display their NFT art collections, open shops and businesses, walk around with friends, visit buildings and attend events.</p>.<p>The price of blockchain-based real estate in virtual worlds has surged along with the boom in the NFT market this year.</p>.<p>Republic Realm did not disclose the size of Galaxy Interactive's investment.</p>.<p>Republic Realm is part of 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 funding for Republic Realm is separate from this.</p>.<p>Galaxy Interactive is part of Galaxy Digital, a crypto-focused financial services group founded by Novogratz, who was previously a hedge fund manager at Fortress Investments and a partner at Goldman Sachs.</p>.<p>He left Fortress to focus on his cryptocurrency investments, and founded Galaxy Digital, which now counts Goldman Sachs among its clients.</p>.<p>Earlier this week, Galaxy Digital agreed to give London-listed Argo Blockchain a 14 million pound ($19.36 million) loan secured with bitcoin.</p>