Real estate sales in the Metaverse are expected to hit $1 billion this year, according to analytics firm Metametric Solutions.
The four major Metaverse platforms — Sandbox, Decentraland, Cryptovoxels, and Somnium — saw over $501 million in property sales last year, totaling 268,645 lots of varying sizes.
The analytics firm predicts that property sales in the Metaverse could double this year and reach nearly $1 billion by 2022.
According to a report by 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 that the Metaverse is a multi-million dollar opportunity. Global investment banks Goldman Sachs and Morgan Stanley have predicted the Metaverse could be worth $8 trillion.
In December of last year, Bank of America strategist Haim Israel said the Metaverse presented a great opportunity for cryptocurrencies to become widely used as a currency.
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