Have you already bought a house in the Metaverse? No, the question is not at all provocative. Because judging by how the real estate market is doing in the new digital dimension, there is a very thriving business at the door.
The data is reported by Cnbc, citing a study by MetaMetric Solutions: real estate sales on the four main platforms of the Metaverse reached $ 501 million in 2021. And in January 2022 alone, they exceeded $ 85 million. Estimates, at this rate, point straight to a billion dollar turnover by the end of the year.
The sales boom was triggered by Facebook’s October 28 announcement, which not only changed its name to Meta, but also designed a very well-defined future of what should be the biggest digital revolution since the birth of the Internet. .
Real estate sales increased 9 times
Since that October 28, with Zuckerberg’s words echoing around the world, property sales in the Metaveeso have increased nearly ninefold. And a BrandEssence Market Research report says this is expected to grow at a compound annual rate of 31 percent annually from 2022 to 2028. “There are big risks, but potentially big rewards,” Republic CEO Janine Yorio told CNBC. Realm, a company that deals with the real estate market also in the Metaverse.
Republic Realm paid a record $ 4.3 million to purchase land in the metaverse’s largest real estate platform, Sandbox. And now the company is developing 100 islands, called Fantasy Islands, with their own villas and a related market for boats and jet skis. Ninety of the islands sold on the first day for $ 15,000 each, and some are now ready for resale for over $ 100,000. For investors, the big question is how to assign certain values and percentages of risk to an asset with no history. future is a great unknown. Meanwhile, dozens of companies have already launched into the real estate sale of the Metaverse.
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