Metaverse real estate sales top $500 million, and are projected to double this year

Real estate sales on the four major metaverse platforms reached $501 million in 2021, according to MetaMetric Solutions

The recent surge in sales was sparked by Facebook’s Oct. 28 announcement that it was rebranding as Meta to focus on the metaverse.

Republic Realm paid a record $4.3 million for land in the largest metaverse real estate platform, Sandbox

Sandbox is developing 100 islands, called Fantasy Islands, with their own villas and a related market of boats and jet skis. Ninety of the islands sold on the first day for $15,000 each

Investors say "land value in the metaverse will be determined by what owners do with a property — like designing a popular attraction, museum or feature —rather than location."

Yet other investors say that just like in the real world, location in the metaverse is everything when it comes to real estate.

Sales in January topped $85 million, the metaverse data provider said. It projects that at this pace sales could reach nearly $1 billion in 2022.

Janine Yorio, CEO of Republic Realm, a metaverse real estate investor and advisory firm said “There are big risks, but potentially big rewards,”