Metaverse sales are expected to reach a billion dollars this year, according to a metaverse analytics firm. Real estate sales on four major metaverse platforms, which surpassed $501 million last year, are expected to double this year.
According to metaverse analytics firm Metametric Solutions, real estate on metaverse platforms exceeded half a million dollars last year.
Real estate sales on four major metaverse platforms – Sandbox, Decentraland, Cryptovoxels, and Somnium – reached $501 million in 2021. These platforms have a combined 268,645 parcels of varying sizes on them.
In 2022, the analytics company predicts real estate sales in the metaverse will reach nearly $1 billion. The metaverse real estate market is projected to grow at a compound annual rate of 31% from 2022 to 2028, according to a report from Brandessence Market Research.
Considering that the metaverse consists of everything that exists virtually, from digital art to virtual worlds, then the real estate parcels that are being snapped up are just a type of Metaversal investment, one often listed as an NFT.
Many experts estimate that the metaverse could be worth billions of dollars. Goldman Sachs and Morgan Stanley have said that the metaverse could be worth as much as $8 trillion.
Last week, Apple CEO Tim Cook said that the company sees a lot of potential in the metaverse and is investing accordingly. “It’s very exciting for us,” he said.
According to the Centre for Finance, Technology and Entrepreneurship (CFTE) report, real estate prices in the metaverse are as follows: Sandbox is the most popular virtual world according to transaction volume, with 65,000 transactions totalling $350 million in 2021. The land consists of 166,464 parcels of 96x96m, representing a virtual world of 40km x 40km, where participants can play games and participate in virtual experiences.