According to analytics firm Metametric Solutions, real estate sales in the metaverse are expected to hit a billion dollars this year.
The four major metaverse platforms – Sandbox, Decentraland, Cryptovoxels and Somnium – recorded real estate sales surpassing $501 million last year with a total of 268,645 lots of different sizes.
The analytics firm predicts that real estate sales in the metaverse could double this year, reaching nearly $1 billion by 2022.
According to a report from Brandessence Market Research, the diversified real estate market is expected to grow at a compound annual rate of 31% from 2022 to 2028.
Some have estimated the metaverse to be a multi-million dollar opportunity.
Global investment banks Goldman Sachs and Morgan Stanley have predicted that the metaverse could be worth $8 trillion.
In December of last year, Bank of America strategist, Haim Israel, said the metaverse is a huge opportunity for cryptocurrencies to become widely used as currency.
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