Decentralized Mortgages Made Real

Blockchain metaverses have become a technological breakthrough that enables people to experience high-quality virtual lives and get real profits that can be used beyond gaming realms. Prom, in its part, revolutionizes the mechanics of acquiring profits through the first digital land mortgages that are now accessible for any enthusiast in a safe, convenient, and profitable way.

To meet this innovation, let’s point out what problems we solve and what methods we use to keep our mortgages secure.

Value Proposition

The concept of the metaverse is trending all over the web, with digital lends being a deep down luciferous source of income. For instance, several years ago, land owners in Decentraland could make 500% revenues from their vends. Now the profits are even higher.

At the same time, running some business on digital land, for instance, a casino, may be even more beneficial than selling it. The problem is that lands themselves are expensive, so many enthusiasts either can’t afford them.

Prom has solved these problems by introducing the first digital mortgages that enable virtual business owners to get the needed land in a collateral-free way, monetize their sources, apply their profits to the monthly payments, and, consequently, increase their capital efficiency. To understand these mechanics and Prom’s innovation, let’s compare non-digital mortgages and Prom’s methodology.

Mortgages: Classy and Revolutionary

According to Investopedia, a mortgage is a type of loan that is commonly used to acquire land or other types of real estate. The buyer agrees to pay the lender timely within the exact duration. Payments include principal, money lent to a buyer, and interest, a monetary charge a lender gets. The property then serves as collateral to secure the loan. The important part of mortgages is underwriting, the process where an individual takes on financial risk for a fee.

Prom has adapted this method to GameFi and set virtual lands as the only aspect of underwriting. No identity verification or other personal data is needed. Thus, our mortgages lack bureaucracy and are completely decentralized and anonymous. Meanwhile, they are still more secure than the conventional ones. All this is achieved thanks to the methods we use.

The Tech Part of the Innovation

The innovation became real thanks to Prom’s Safe Vaults, GnosisSafe-based smart-contract wallets. We have covered them in our text about Prom’s security mechanics. You can check it to get the detailed picture, but, in a nutshell, Safe Vaults are distinguished for being completely secure, accessible to their owners only with no third parties, including Prom, and having limited functions.

To be verified, all operations done by wallet owners have to meet some predetermined conditions. Thus, in reality, a borrower can’t transfer a lender’s asset to any other wallet to steal it or burn it. In mortgages, this approach prevents thefts and insecure subleases.

How it Works

Prom users can pay a set sum, for instance, 30% of the total price, and get immediate access to a piece of digital land in, for example, Sandbox or Decentraland. We, in our part, cover the rest while the property of the land is kept in a Safe Vault till the buyer pays off a mortgage with an interest rate that varies due to the price of land, payment frequency, mortgage duration, etc.

Payments may be on a daily, weekly, or monthly plan, and users are free to choose options that fit them the most and match their monetization. However, all remittances must be done manually because, though Prom can automate this process technology, its aim is to boost the conscious approach to mortgages.

Payments must be timely with dates set in smart contacts. However, we consider that a buyer may accidentally miss them due, for example, to the absence of an internet connection. Thus, one can choose a duration of several days also incorporated in the unchangeable conditions stitched within the code.

If a person fails to make a timely payment, the asset will be automatically returned to Prom. This is how we secure our budget and motivate buyers to cover the rest. Thus, this is a win-win option for sellers who instantly receive the whole sum, buyers, who can start earning as soon as they make a deal, and our platform that receives interest and is backed in case a buyer stops paying the mortgage.


Similarly to this, our mortgages can be applicable to acquiring any NFTs, but surely, the ones who want to play and earn without owning assets are welcome to explore our rental. You can learn about them in this article.

User Journey

For Buyers

To make the most of mortgages, buyers must create Safe Vaults by connecting them to any blockchain wallet, such as Metamask. This step is needed to make further payments. Next, they can choose the needed land offer and apply for mortgages, choose the initial sum they are ready to pay, and set the frequency of payments. After the first payment, assets will be automatically transferred to their Safe Vault. Buyers can immediately use them in metaverses, but won’t be able to transfer assets to other wallets or sublease them until the whole sum is covered.

For Sellers

Those who want to sell their digital lands need to create a Safe Vault by connecting it to any blockchain wallet. This step will keep the asset secure and automate the process of receiving payments. Next, they need to create an offer and wait until a buyer chooses it.

Things We are Working on

The mortgage service will be launched soon. To make payments fit for both buyers and sellers, we are working on the financial model. Presumably, the payment amount will be calculated individually by considering the initial payment, duration, and the game for which the exact NFT is needed.


Prom believes that the metaverse will shape our future and change our understanding of social life and gaming. Thus, to boost its economy, we make digital land ownership accessible to all blockchain enthusiasts. Our collateral-free and decentralized land and NFT mortgages are secure and easy to use, thanks to the Safe Vault mechanics. Meanwhile, Prom’s options are not limited to lending, renting, and mortgages. Our multifunctional platform has more to offer to GameFi and DeFi: read our blog and find more amazing opportunities.

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