Metaverse virtual real estate sales top $500M and could reach $1B by year-end

MetaMetric Solutions reported that the virtual real estate market crossed the $500 million mark in 2021 and could double by the end of this year.

There are currently four major metaverses: Sandbox, Somnium, Decentraland, and Cryptovoxels. The total volume of land sales in 2021 amounted to $501 million. In January 2022, the market grew by $85 million. According to MetaMetric Solutions, by the end of this year it will be able to reach $1 billion.

The Crypto.com resource calls the metaverse the most promising segment of the cryptocurrency market in 2022. According to BrandEssence Market Research, the virtual real estate market in the metaverse will grow by 31% annually until 2028.

The clear leader now is Sandbox. In December last year, each of the 166,464 96 x 96 m plots was sold for $12,700 (in Ethereum cryptocurrency). The price of a 16 x 16 m plot in Decentraland was $14,440 (also in Ethereum), but there are 90,600 of them.

A source: CNBC