3 Minutes to Read (Reuters) – LONDON (Reuters) – Galaxy Interactive, the venture capital arm of crypto billionaire Mike Novogratz’s Galaxy Digital, has become a primary investor in virtual real estate developer Republic Realm, according to its managing director. PHOTO FROM THE FILE: Galaxy Digital founder Mike Novogratz speaks at a Reuters investment summit in New York City, New York, on November 5, 2019. LUCAS JACKSON/REUTERS Republic Realm’s managing director, Janine Yorio, told Reuters that Novogratz’s support was a vote of confidence in the $10 million investment entity. Republic Realm purchases virtual real estate, which is a crypto asset or non-fungible token (NFT) with blockchain-verified ownership and authenticity. In 2021, NFTs have become extremely popular, with prices rising. Republic Realm, a company situated in the United States that was founded in March 2021, has made over 1,500 investments and recently purchased a parcel of virtual property in the blockchain-based online realm Decentraland for $900,000. The Republic Realm then begins to develop this territory by erecting structures. It has, for example, created a virtual mall and rented out virtual businesses to tenants. People can display their NFT art collections, start stores and businesses, wander around with friends, visit buildings, and attend events in virtual worlds like Decentraland. The price of blockchain-based virtual world real estate has risen in tandem with the NFT market this year. Galaxy Interactive’s interest in Republic Realm was not disclosed. Republic Realm is a subsidiary of Republic, a private investing platform. Republic raised $36 million in a Series A funding round in March from investors such as Galaxy Digital and investment firm Prosus. This does not include the $10 million in funding for Republic Realm. Galaxy Interactive is a subsidiary of Galaxy Digital, a cryptocurrency-focused financial services firm created by Novogratz, a former hedge fund manager at Fortress Investments and a partner at Goldman Sachs. He left Fortress to focus on his cryptocurrency ventures, and he went on to start Galaxy Digital, which currently has Goldman Sachs as a customer. Galaxy Digital agreed to grant Argo Blockchain, a London-listed company, a 14 million pound ($19.36 million) loan secured by bitcoin earlier this week. Elizabeth Howcroft contributed reporting, while Abhinav Ramnarayan and Jane Merriman edited the piece. Continue reading