TF Daily Feed: Metaverse Real Estate Sales Reaches $500 Million in 2021

The metaverse is a version of the internet where one can virtually habit as a simulated version of themselves. As an avatar, you can interact with real people and carry out one’s routine in a virtual space. You can be a part of a digital concert, visit locations within the metaverse or attend ongoing events.

In this virtual world, real estate topped $500 million in the year 2021. The sales are expected to reach a billion dollars by 2022, as per a report by analytics firm MetaMetrics Solutions. According to digital currency investor Greyscale’s report, the prospect of bringing the metaverse to life may be worth over $1 trillion in annual revenue. This recent rise in sales was a result of Facebook’s rebranding as Meta with a focus on the metaverse. Several platforms are now selling real estate in the metaverse.

Additionally, investment firms are spending large amounts to acquire digital property in the metaverse. These digital properties can then be developed and leased out. “There are big risks, but potentially big rewards,” said a metaverse real estate investor and advisory firm.

In the pop culture spectrum, celebrities have been creating their virtual setups. Hip-hop legend Snoop Dogg is assembling a “Snoopverse”. Meanwhile, Reality TV star and Businesswoman Paris Hilton has put her virtual outfits for sale on her virtual Island. Grammy-nominated DJ Steve Aoki is anticipating the launch of ‘A0K1VERSE’, “a new ecosystem bridging the metaverse with the real world”. This is a community for his fans to gain access to both on-chain and physical experiences. More information to access A0K1VERSE out on The Ticket Fairy soon!

Check out these informative videos on the Metaverse by BBC News and the Wall Street Journal

 

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Feature Image Via Freepik.

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