Virtual real estate sales on the four major Metaverse platforms will reach $501 million in 2021, according to MetaMetrics Solutions, a metaverse data and analytics firm. Sales in January topped $85 million, and MetaMetrics expects Metaverse real estate sales to double this year to around $1 billion.
On October 28 last year, Facebook announced that it would be changing its name to Meta to focus on the metaverse, the news that sparked a recent surge in sales. MetaMetrics real estate sales soared nearly ninefold in November to $133 million, according to MetaMetrics. While sales growth has slowed since then, January sales will still be more than 10 times higher than a year earlier.
According to a report by BrandEssence Market Research, the Metaverse real estate market is expected to grow at a compound annual growth rate of 31% from 2022 to 2028.
There are currently more than a dozen platforms selling real estate in the Metaverse, with new ones appearing almost every week. So far, real estate sales have been concentrated on the “big four” platforms, namely Sandbox, Decentraland, Cryptovoxels, and Somnium.