Metaverse real estate sales top $500 Mn, projected to double this year

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

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

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

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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

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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."

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

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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.

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

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