Global reports have revealed that sales of virtual real estate in the «Metaverse» on the internet exceeded $500 million last year, noting that they could double this year, according to Metametrics Solutions.

The company explained that virtual sales in January 2022 exceeded $85 million, and it expects sales at this pace to reach nearly $1 billion this year.

Metametrics Solutions attributed the recent surge in sales to Facebook’s October 28 announcement that it was rebranding as "Meta" to focus on the digital «Metaverse.» Sales of virtual real estate increased nearly ninefold, reaching $133 million, in November 2021.

A report by Brand Essence Market suggests that the «Metaverse» real estate market is expected to grow at a compound annual growth rate (CAGR) of 31 % from 2022 to 2028.