SNEAK PEEK
- According to a report, the market for metaverse real estate is expected to grow by $5.37 billion between 2021 and 2026.
- The two largest markets in North America throughout the projection period will be the United States and Canada, which together will account for 41% of market growth.
- Virtual reality is used by multinational corporations like Nike, Facebook, and Microsoft.
According to a survey from the international market research firm Technavio, the metaverse real estate industry is anticipated to increase by $5.37 billion between 2021 and 2026, at a compound annual growth rate of 61.74% by the rising popularity of mixed reality and cryptocurrency.
The U.S. and Canada will be the two main markets in North America during the projection period, accounting for 41% of the market growth.
The majority of large businesses are using the acquired virtual property for advertising and other promotional objectives, according to the survey, therefore more virtual land acquisitions will be the next trend.
Virtual land prices do not follow physical world trends, but rather largely depend on the buyer’s perspective, which causes volatility and a slower market. Uncertainty is one of the problems for the expansion of virtual real estate. The research claims that the Covid-19-induced global lockdown, which made working from home mandatory, raised demand for VR/AR systems and accelerated the market for metaverse real estate.
According to the analysis, the business sector’s market share of metaverse real estate will expand significantly as global corporations like Nike, Facebook, and Microsoft enter virtual reality.
In addition to real estate, the extension of the Metaverse will increase the value that can be unlocked and could speed up the pace of global economic growth.
According to Dominic Ryder, CEO of vEmpire, Metaverse has evolved into the next logical step in how people connect online, and the possibilities are limitless.
It is only a matter of time until we see additional businesses follow suit, especially given the fact that prominent players like Meta Platforms Inc. have entered this market and are boldly signaling that it may be the new future.
The borders of the Metaverse might exponentially expand as a result, releasing enormous amounts of value that have previously remained hidden from investors and consumers alike.
