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Virtual real estate sales are growing rapidly

In 2021, the volume of sales of virtual real estate in the four largest metauniverses (Sandbox, Decentraland, Cryptovoxels and Somnium) reached $501 million, CNBC reported with reference to data from the analytical service MetaMetric Solutions.

Sale of virtual real estate

In November 2021, sales of virtual real estate increased almost ninefold, to $133 million, writes RBC.

This happened after Facebook changed its name to Meta and announced the creation of its own meta universe. According to BrandEssence Market Research, the real estate market in metauniverses will grow by 31% annually from 2022 to 2028.

In January 2022, the volume of virtual land sales amounted to $85 million. MetaMetric Solutions analysts predict that the figure may exceed $1 billion by the end of this year.

What is virtual real estate?

Virtual properties are digital objects in metauniverses. It can be a digital plot of land on which a building is located. For example, in the Decentraland metauniverse, there is a virtual auction house of the real Sotheby’s, which houses a gallery of NFT art objects.

At the end of 2021, analysts at the digital asset trading platform Crypto.com called the meta universe the most promising sector of the crypto market in 2022.