FOR SALE IN MIAMI: AN 11,000-SQUARE-FOOT MANSION WITH SEVEN BEDROOMS AND A POOL THAT COMES WITH ITS DIGITAL TWIN, SHOWN ABOVE: THE SAME HOME, JUST IN THE METAVERSE. CREDIT METARESIDENCE
Despite the FTX decline and cold crypto winter, the metaverse real estate market is expected to grow by $5.37B by 2026, the N.Y. Times reports.
Interest in metaverse real estate increased when Facebook announced changing its name to Meta and focusing on creating its digital reality.
- Most virtual gaming worlds have already been cut into parcels, implying that as the buyers grow, so does the price.
- Currently, the market of pixelated parcels of land is worth $1.4B.
- The Sandbox total land value in 2022 was estimated at $167M.
- The metaverse had existed since 2003, yet virtual real estate didn’t start until late 2021 when Facebook announced its name change to Meta.
- Last month K.B. Home, one of the U.S. largest homebuilders, launched a Decentraland community.
