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.
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Republic Realm paid a record
$4.3 million for land
in the largest metaverse real estate platform,
Sandbox is developing 100 islands, called
, with their own villas and a related market of boats and jet skis. Ninety of the islands sold on the first day for
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,”