According to investors and analytics companies, sales of real estate in the Meta-verse exceeded $500 million last year and may treble this year.
According to Meta-Metric Solutions, real estate transactions on the four main Meta-verse platforms hit $501 million in 2021. The producer of Meta-verse data reported that sales in January exceeded $85 million. It predicts that if sales continue at this rate, they might reach around $1 billion in 2022.
Facebook's Oct. 28 announcement that it was rebranding as Meta to focus on the Meta-verse was what first spurred the recent spike in purchases. According to Meta-Metric, real estate transactions increased by over nine times in November, reaching $133 million. Although the rate of sales growth has now slowed, January's total sales will still be more than ten times higher than those of January 2021.
According to Brand Essence Market Research, the market for Meta-verse real estate is predicted to expand between 2022 and 2028 at a compound annual rate of 31%.
According to Janine Yorio, CEO of Republic Realm, a company that invests in and offers advice on Meta-verse real estate, "there are large risks but possibly big benefits."
The "Big Four" rule the market.
Sandbox, the biggest Meta-verse real estate marketplace, saw Republic Realm pay a record $4.3 million for land there. A hundred islands, dubbed Fantasy Islands, are being built by the business, each with its own houses and a market for boats and jet skis. Ninety of the islands were sold for $15,000 each on the first day, and several are currently on the market for more than $100,000.
The key concern for investors is how to evaluate the risk and value of an asset whose scarcity is fabricated and whose future is uncertain. In the Meta-verse, there are already over a dozen sites offering real estate for sale, with new ones appearing almost regularly. Sandbox, Decentraland, Cryptovoxels, and Somnium are the "Big Four" that have dominated real estate transactions thus far. On the four platforms, there are a total of 268,645 parcels of various sizes.
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Republic Realm Research:
According to a Republic Realm research, Sandbox will dominate the market in 2022, accounting for 75% of all land transactions and 62% of the land that will be accessible on the four platforms. Each of Sandbox's 166,464 plots sold in December for the ether equivalent of $12,700. The lots are 96 by 96 metres in size (106 yards by 106 yards).
The ether equivalent of $14,440 was paid for each of Decentraland's 90,600 parcels, each of which measures 16 metres by 16 metres.
According to a Republic Realm research, Sandbox will dominate the market in 2022, accounting for 75% of all land transactions and 62% of the land that will be accessible on the four platforms. Each of Sandbox's 166,464 plots sold in December for the ether equivalent of $12,700. The lots are 96 by 96 metres in size (106 yards by 106 yards).
The ether equivalent of $14,440 was paid for each of Decentraland's 90,600 parcels, each of which measures 16 metres by 16 metres.
Others claim that, like in the real world, location is crucial when buying real estate in the Meta-verse. Along with parcels close to the Atari development, prices for parcels close to Snoop Dogg's proposed cooperation and virtual world in Sandbox are fetching a premium.
Nearly all of the $16 million fund that Andrew Kiguel, CEO of Toronto-based Tokens.com, recently raised to invest in Meta-verse real estate has been used to purchase land and hire personnel. In the fashion area of Decentraland, where the company intends to conduct fashion events and retail shops, the corporation recently invested $2.4 million for land.
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According to Kiguel:
He is going to announce agreements with two North American clothing businesses in which he will lease space on his property to create stores or experiences. According to Kiguel, the true promise in the Meta-verse is in the realm of commerce, where businesses wishing to market to a younger digital audience can rent space and hold events. He claimed that in order to establish a presence in the Meta-verse, he has had discussions with accountancy firms, investment banks, podcasts, and mutual funds.
He added, "We're even talking to businesses about placing digital billboards in online meeting spaces where people may gather.
Due to their rarity and aesthetic appeal, Tokens.com purchased 12 waterfront properties in Somnium, which it believes will increase in value.
Crypto-Currency Ponzi Scheme:
Others contend that Meta-verse land is simply the most recent cryptocurrency ponzi scheme, luring unsuspecting investors into ventures that may ultimately turn out to be worthless. Real land is scarce by nature, which is why the adage "They're not making any more of it" is true, while virtual land can be simply made with code. The amount of brand-new platforms for the Meta-verse that can debut has no upper bound. Even the largest platforms already in existence have the ability to add more territory, like Sandbox did when it opted to raise the size of its parcels.
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Many note that earlier iterations of virtual land grabs, such as those in "Second Life," drastically failed to live up to their promises.
In general, and for more than 20 years, Meta-verse land sales have been a pyramid scheme, according to Edward Castronova, an Indiana University professor of media. "The Meta-verse is the Golden Land for online businesses. They pursue it through the jungle and perish.
Younger customers and investors, according to Kiguel, are immediately able to recognise the appeal of Meta-verse land, despite the fact that older investors may be dismissive of it.
NFTs:
The issue that many individuals have is that certain generations find it difficult to place value on items that are digital, weightless, and unable to hold, according to Kiguel. "There's no problem with it among the younger generation. Block-chain technology makes it possible for something to be digital, unique, and rare, similar to how NFTs do it. You can handle, keep, show off, and sell it.
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