Global reports revealed that virtual real estate sales in the online world of Metaverse exceeded $500 million last year and could double this year, according to Metametric Solutions. The company explained that virtual sales in January 2022 exceeded $85 million and expects sales at this pace to reach nearly $1 billion this year.

Virtual sales in January 2022 exceeded $85 million, according to Metametric Solutions.

Metametric Solutions attributed the recent surge in sales to Facebook's Oct. 28 announcement that it was rebranding to Meta to focus on the digital world of Metaverse. Virtual real estate sales rose nearly 9-fold, reaching $133 million, in November 2021.

Virtual real estate sales rose nearly 9-fold, reaching $133 million, in November 2021.

A report by BrandAssigns Market predicts that the Metaverse real estate market is expected to grow at a CAGR of 31% annually from 2022 to 2028.

Report by BrandAssigns Market.