Virtual Real Estate Sales in 2021 Exceeded $0.5 Trillion
The total value of virtual real estate sold in the four largest metaverse platforms was about $501 million.
Analyst company MetaMetric presented a report, according to which the volume of virtual real estate sales in 2021 reached $501 million, CNBC reports. We are talking about the four largest projects:
- The Sandbox (SAND);
- Decentraland (MANA);
- Cryptovoxels (CVPA);
- Somnium Space (CUBE).
The surge in sales was sparked by Facebook’s announcement that it was rebranding as Meta to focus on the metaverse sphere. This happened in November 2021 and triggered the growth of virtual real estate sales up to $133 million — compared to October, the increase was more than 880%.
In January 2022, a total of $85 million worth of virtual land was sold, according to MetaMetric Solutions. Overall, analysts predict total sales may reach $1 billion in 2022. Another company, BrandEssence Market Research, whose data is cited by CNBC, forecasts a 31% annual growth rate for the metaverse real estate market from 2022 to 2028.Virtual real estate is commonly understood as digital land plots in the metaverse. Owners can build there; for example, the Government of Barbados bought land in Decentraland in November 2021 to open the first digital embassy in history.