Thank Facebook for metaverse bonanza, real estate may sell for $1 billion in 2022

Real property connected metaverse platforms reached $501 cardinal past year. That fig could treble successful 2022, according to analysts speaking to CNBC.

Facebook played a large relation successful the surge past year, starting erstwhile the institution announced its rebranding to Meta and its absorption connected the metaverse connected the 28th of October. With Facebook’s announcement, income started to surge successful November, reaching $133 cardinal – a ninefold increase.

Sales astatine this level person continued into this year, hitting $85 cardinal successful January – 10 times much than successful January 2021. If the marketplace volition support this tempo passim the year, analysts astatine MetaMetric Solutions foretell the full income successful 2022 could scope $1 billion.

Most enactment connected the “Big Four”

The immense bulk of the pieces of land-changing hands are located successful the alleged Big Four metaverses – Sandbox, Decentraland, Cryptovoxels, and Somnium. These 4 clasp 268,645 parcels of onshore of assorted sizes, but determination are implicit a twelve platforms connected the market.

“There are large risks, but perchance large rewards,” said Janine Yorio, CEO of Republic Realm, a metaverse existent property capitalist and advisory firm.

Focusing connected the Sandbox, the biggest metaverse existent property platform, Republic Realm paid a grounds $4.3 cardinal for 100 “Fantasy Islands” with their ain villas and a related marketplace of boats and pitchy skis. Ninety of the islands sold connected the archetypal time for $15,000 each and immoderate are present listed for resale for much than $100,000.

According to a study from Republic Realm, Sandbox dominates the metaverse existent property market, with 62% of the disposable onshore connected the 4 platforms and three-quarters of each onshore income successful 2022. Sandbox has virtual country for 166,464 parcels which sold for $12,700 successful December. The parcels are 96 meters by 96 meters.

The 2nd subordinate connected the market, Decentraland, has 90,600 16 by 16 metre parcels, which sold for $14,440 per parcel successful December.

Is determination important?

According to immoderate analysts speaking to CNBC, determination is not truthful important, portion others assertion determination is everything.

“You tin teleport anyplace truthful determination isn’t arsenic important,” said Republic Realm’s CEO Janine Yorio.

Evidence pointing successful the different absorption are the information that parcels near-legendary rapper Snoop Dogg’s planned partnership and virtual satellite successful Sandbox are fetching a premium, on with parcels adjacent the Atari improvement connected the aforesaid platform.