There are likely to be a billion dollars in real estate transactions in the metaverse this year. Real estate sales on four main metaverse platforms, which reached $501 million last year, are expected to increase by double this year, according to the company's predictions.
Approximately $1 Billion in Metaverse Real Estate Transactions are expected this year.
Based on data from Metametric Solutions, there were more than 500,000 real estate transactions on metaverse platforms last year.
Sandbox, Decentraland, Cryptovoxels, and Somnium's real estate transactions totaled $501 million in 2021, according to the firm. There are 268,645 parcels of various sizes spread over the four platforms.
Real estate transactions in the metaverse, according to the analytics firm, might increase by 2022 by roughly $1 billion.
According to a survey by Brandessence Industry Research, the metaverse real estate market would develop at a compound annual rate of 31% between 2022 and 2028.
The metaverse has been pegged as a multitrillion-dollar possibility by a number of experts. It has been estimated that the metaverse might be worth as much as $8 trillion to global financial giants Goldman Sachs and Morgan Stanley.
When asked about the metaverse's potential, Apple CEO Tim Cook stated his organization sees a lot of promise and is investing in it. He responded, "It's fascinating to us."
Earlier this year, Bank of America analyst Haim Israel predicted that cryptocurrencies will be widely accepted as currency in the metaverse. As he put it, "This is an enormous, enormous chance."
An estimated $1 billion in Metaverse real estate transactions are predicted to take place this year. It's predicted that real estate sales on four main metaverse platforms, which reached $501.25 billion, this year will quadruple.
In the Metaverse last year, real estate sales totaled $500 million, according to CNBC. In January, sales totaled $85 million, and by 2022, they are predicted to reach over $1 billion dollars in revenue.
According to Brandessence Industry Research, the Metaverse real estate market is expected to grow at a compound annual rate of 31.2 percent between 2022 and 2028. If the Metaverse real estate market reaches $1 billion this year, it will be worth $6.7 billion by 2028.
In the early stages of the Metaverse's evolution, investors and businesses alike spent millions of dollars to acquire digital land in order to establish business operations in this novel environment. Grayscale, a digital currency investment business, has estimated that the Metaverse would be worth $1 trillion to marketers, developers, and artists in the not too distant future.
What Is the Price of Virtual Land?
On The Sandbox and Decentraland, the cheapest land parcels were 3.69 Ethereum (ETH) tokens and 5,100 Decentraland (Mana), which equated to $9,681 and $13,413, respectively. However, plots have sold for millions of dollars, and the asking price might be much higher as a result of these sales.
The Metaverse from whom you bought your digital land may lose its worth if it fails and goes down, so keep this in mind. It may soar if the next Snoop Dogg shows up down the street.. The platform's underlying token is also related to the value of the land. The value of your residence may fluctuate as a result of the volatility of the cryptocurrency market as a whole.
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