A recent study estimated that real estate sales in Metaverse will grow by USD $5 billion within 4 years.
- Metaverse real estate market to grow USD $5 billion by 2026
- This was calculated by a study done by Technavio.
- It will happen because the Metaverse will be a more alive and palpable world.
We have seen how in less than a year there is more and more news related to the expansion of the Metaverse, in which they incur from restaurants to banks . Now, a study by Technavio, a global market research firm confirms this in relation to the virtual real estate market. The firm projects that the real estate market in the metaverse will exceed USD $5.37 billion by 2026.
According to the report the compound annual growth rate (CARG) of the metaverse market is 61.74%.
The report states that the increase will be driven by the growth of the metaverse in a more real and palpable virtual reality environment, where people can take advantage of these spaces.
According to the analysis, this expansion will be driven by two factors. First, the metaverse will gradually move towards a more mixed reality experience, giving more value to these platforms that visitors can inhabit, taking annotations and decoding tags for different app-specific purposes.
The second reason has to do with with the popularity of cryptocurrencies The report says: “The new property market will make this type of property more accessible and easier to acquire for sale or rent, allowing their owners to earn a passive income. In this regard, the report says:
“The increasing application of cryptocurrencies such as NFT, Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and Litecoin in the purchase of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets is generating interest in end users, especially businesses. For example, such cryptocurrencies offer greater accessibility to virtual real estate. Instead of visiting a physical site, buyers can instantly visit virtual metaverse a metaverse is a digital universe that contains all the aspects of the real world, such as real-time interactions and economies. It offers a unique experience to end-users. plots to purchase virtually. Therefore, such factors are expected to drive demand for the global metaverse real estate market an area or arena, online or offline, in which commercial dealings are conducted. during the forecast period.”
But also the virtual real estate market is still an insurgent sector that has yet to find its place, as it is very different from the real world real estate market. Each virtual land will have its own price depending on various factors that are different in each case, some of them being the scarcity and location of the land. The report says:
“The price of virtual land does not follow the price pattern of the physical world. Therefore, the value of digital assets, including real estate in the metaverse, would basically depend on how buyers perceive their price, which generates fluctuations.”
These fluctuations can negatively impact the investments of companies and users interested in venturing into these nascent instruments, the report says.
According to the report, most of this proliferation of virtual land purchases will come from North American investors and companies:
“Forty-one percent of the market growth will originate in North America during the forecast period. The U.S. and Canada are the key markets for the metaverse real estate market in North America. The market growth in this region will be faster than the market growth in Asia, South America, Middle East and Africa.”
“Increasing adoption of technologically advanced applications among consumers and a growing number of large brands buying virtual land will facilitate the growth of the metaverse real estate market in North America during the forecast period.”
Another piece of information in the report is that the COVID-19 pandemic accelerated the growth process of the metaverse: “It further increased the demand for VR/AR platforms, which accelerated the demand for the metaverse real estate market in the region.”
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