London, UK, Jan. 25, 2022 (GLOBE NEWSWIRE) — According to market research by Brandessence, the Metaverse real estate market The size is expected to grow at a CAGR of 31.2% over the period 2022-2028. The growing popularity of metaverse real estate across the world and the growing inclination towards NFT in the metaverse environment are some of the major factors driving the growth of the global metaverse real estate market.
The sudden popularity of the metaverse in the real estate market is skyrocketing, and various investors are ready to pay millions. The market is expected to witness attractive growth in the coming years. Metaverse is a step in the direction of digitalizing the real world. It is a decentralized computing platform and virtual reality experience containing various digital domains. Over the past few months, the term “Metaverse” has grown in popularity due to the business opportunities that have arisen. Players can buy land, build shops and art galleries in this metaverse real estate platform. Metaverse real estate is one of the platforms where you can do anything you want to do in a virtual world. The price of virtual real estate is based on many of the same factors needed to determine the value of real estate, such as location, land size, existing structures and demand, all of which play into a huge role in evaluation.
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Metaverse Real Estate Market Key Players: Linden Lab, Metaverse Group, Decentraland Marketplace, Zillow, and many more.
Global Metaverse Real Estate Market Dynamics:
Rising investment in the metaverse real estate market and rising popularity among the population are some of the major factors driving the growth of the market. Metaverse real estate is the latest trending investment right now, which is gaining huge popularity around the world. A number of players have full intentions of generating spaces such as virtual malls and other rental properties. The concept of metaverse real estate has captured the hearts and minds of nearly 70% of Americans. Like, the masses of metaverse real estate platforms, like Decentraland, Sandbox and many more are available near the world. For example; Metaverse Group, one of the first companies to enter the digital real estate business, operated a virtual world called Decentraland. Token.com reported that an average of 116 plot lots were sold for the equivalent of approximately $2.5 million. Additionally, on December 8, 2021, the virtual real estate trading platform Sandbox has around 2,182 sales in one week. Additionally, Decentraland has approximately 339 total metaverse real estate sales. Real estate in the metaverse is an incredibly speculative investment and therefore offers huge opportunities in this digital realm. Therefore, this factor is intensively prospering the growth of metaverse real estate market across the world.
Moreover, the huge inclination towards NFTs in the metaverse real estate environment is another aspect that is increasing the evolution of the market. For example; data from the NonFungible.com platform indicated that there were $300 million in NFT sales in December 2021. Of that total, nearly a quarter was for digital lands in The Sandbox metaverse. Additionally, on January 4, 2022, PwC purchased an NFT virtual land in the Sandbox metaverse. Apart from the aforementioned points, in 2020, during an online auction, there was a piece of digital art that sold for an average of five hundred thousand USD. It was the first NFT digital home sold and marked a turning point in NFT technology. This sale marked the beginning of the craze around virtual real estate NFTs. The Metaverse is an immersive virtual reality experience of the Internet that uses NFT technology to pay for and own items online. As a result, NFT plays a vital role in the real estate platform of the metaverse that further pushes the courtesy of millions towards it. Therefore, the growing demand for NFT in metaverse countries is more expressively blowing up the global metaverse real estate market.
However, the high cost of metaverse real estate and lack of awareness, especially in emerging countries, may hamper market growth. As, Sandbox’s top seller, LAND #48766, sold for approximately $57,171.00 or Decentraland’s top seller, EST #1965, sold for nearly $758,250.00. This may pessimistically affect the metaverse real estate market worldwide. Despite this, technological advancements in terms of device security, improved user security, and high user trust can provide huge opportunities for further growth of the global metaverse real estate market.
Metaverse Global Real Estate Market Segmentation:
The global Metaverse real estate market is segmented on the basis of components, end use, and regional and country level. Based on components, the metaverse real estate market is divided into hardware and software. Based on end use, the metaverse real estate market is divided into residential and commercial.
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News: T&B Media has launched the “Translucia” metaverse, a virtual world, in partnership with MQDC in real estate – another world first
September 30, 2021; T&B Media Global (Thailand) planned to invest 10 billion baht to launch the Translucia Metaverse, Thailand’s first imaginative virtual world, with property developer Magnolia Quality Development Corporation (MQDC). Translucia’s first partner is MQDC, which plans to develop projects in the metaverse. MQDC is the first property developer to use Translucia. She plans to develop a city in this virtual world as she prepares to create a new entity, MQDC Metaverse, responsible for urban development and virtual real estate projects.
Superworld and Tokens.com Form Strategic Metaverse Partnership
January 14, 2022; Global virtual platform SuperWorld has partnered with Metaverse Group, a subsidiary of publicly listed company Tokens.com, which will boost its presence in the metaverse by investing up to US$1 million in the real estate platform Virtual SuperWorld. The partnership diversifies Metaverse Group’s eight-figure portfolio, with investments focused on virtual real estate that encompasses historically and culturally significant locations, as well as landmarks and landmarks where creative projects, entertainment and Future events will be hosted by Metaverse Group.
Virtual land worth $4.3 million sold on Metaverse
December 11, 2021; the virtual land was acquired by a developer from video game company Atari. The archived metaverse just to keep breaking. A piece of virtual real estate just sold for nearly $4.3 million in The Sandbox, making it the most expensive metaverse property sale as of December 8, 2021. According to The Wall Street Journal, the land virtual has been achieved by the developer of Atari, which is one of the main video game companies.
On a geographical basis, North America is expected to grab the largest share of the global metaverse real estate market, increasing investments in metaverse real estate and the presence of numerous players in this region. When it comes to innovations and technologies, the United States is always at the forefront in the world as it is one of the developed countries. Indeed, many major players are very present in this region. The concept of investing millions on non-existent property may sound ridiculous, but feverish estimates of a virtual reality future have investors betting giant on metaverse real estate. For example; in December 2021, New York-based Company Republic Realm announced that it had spent a record around $4.3 million on digital land through The Sandbox, one of many “virtual world” websites ” where people can socialize, play games and even This follows the purchase of land for approximately $ 2.4 million in November 2020 from a competing platform, Decentraland, by the Canadian crypto company Tokens .com.
On special requirement, Metaverse Real Estate Market Report is also available for below regions and countries:
- The rest of Europe
- South Korea
- Rest of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of MEA
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