Real estate sales in the metaverse are expected to reach a billion dollars this year, according to a metaverse analytics firm. The company expects real estate sales on four major metaverse platforms, which surpassed $501 million last year, to double this year.
$1 Billion Metaverse Real Estate Sales Expected This Year
Real estate sales on metaverse platforms surpassed half a million dollars last year, according to metaverse analytics firm Metametric Solutions.
The company added that real estate sales on four major metaverse platforms — Sandbox, Decentraland, Cryptovoxels, and Somnium — reached $501 million in 2021. The four platforms have a total of 268,645 parcels of varying sizes on them.
The analytics company has projected that real estate sales in the metaverse could double this year, reaching nearly $1 billion in 2022.
The metaverse real estate market is expected to grow at a compound annual rate of 31% from 2022 to 2028, according to a report from Brandessence Market Research.
Several people have estimated the metaverse to be a multitrillion-dollar opportunity. Global investment banks Goldman Sachs and Morgan Stanley have predicted that the metaverse could be as big as an $8 trillion opportunity.
Last week, Apple CEO Tim Cook said his company sees a lot of potential in the metaverse and is investing accordingly. “It’s very interesting to us,” he said.
In December, Bank of America’s strategist, Haim Israel, said the metaverse is a massive opportunity where cryptocurrencies will be widely used as currencies. “I definitely believe this is a massive, massive opportunity,” he opined.
Do you think real estate sales in the metaverse will top $1 billion this year? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.