Home sales in the metaverse are expected to hit $1 billion this year, according to a metaverse analytics firm. The company expects real estate sales across the four major metaverse platforms, which topped $501 million last year, to double this year.
$1 Billion Metaverse Real Estate Sales Expected This Year
Property sales on metaverse platforms topped half a million dollars last year, according to metaverse analytics firm Metametric Solutions.
The company added that real estate sales on the four major platforms in the metaverse (Sandbox, Decentraland, Cryptovoxels, and Somnium) reached $501 million in 2021. The four platforms have a total of 268,645 parcels of different sizes.
The analytics firm projected that real estate sales in the metaverse could double this year, reaching nearly $1 billion by 2022.
The metaverse real estate market is expected to grow at a CAGR of 31% between 2022 and 2028, according to a report by Brandessence Market Research.
Various people have estimated the metaverse to be a multi-million dollar opportunity. Global investment banks Goldman Sachs and Morgan Stanley predicted that the metaverse could be as big an opportunity as $8 trillion.
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 for us,” he said.
In December, Bank of America strategist Haim Israel said that the metaverse is a huge opportunity where cryptocurrencies will be widely used as currencies. “I definitely think this is a huge, massive opportunity,” he opined.