Statistics: Real estate sales in metaverses exceed $500 million

In 2021, $500 million worth of real estate sales were carried out in four largest metaverses. The number is expected to double this year.

Real estate sales across four major metaverse platforms (Sandbox, Decentraland, Cryptovoxels, and Somnium) reached $501 million in 2021, according to MetaMetric Solutions. In 2022, this figure could rise to $1 billion.

In January alone, virtual real estate deals topped at $85 million.

The interest in real estate in metaverses surged immediately after Facebook announced its plans to launch a metaverse and carry out a rebranding as Meta. In November, metaverse estate sales reached $133 million.

The latest BrandEssence Market Research report states that the metaverse real estate market will grow at a CAGR of 31% per annum between 2022 and 2028.

“There are big risks, but potentially big rewards,” said Janine Yorio, CEO of Republic Realm, a metaverse real estate investor and advisory firm. Republic Realm paid a record $4.3 million for a virtual piece of land in the Sandbox metaverse, which is developing 100 virtual islands. Ninety islands were sold for $15,000 each during the first day of sale. Currently, some of them are up for sale for several times higher than what they were purchased for (more than $100,000).

Sandbox is the largest metaverse by sales volume. Three-quarters of all transactions in January 2022 in value terms were made on it.


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