$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.