Metaverse Real Estate Sales to Reach $1 Billion in 2022

Real estate sales in the metaverse are expected to reach a billion dollars this year, according to a metaverse analytics firm. The company expects real estate sales on four major metaverse platforms, which surpassed $501 million last year, to double this year.

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 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.

Source: Bitcoin.com