The year that is about to end is the year that realtors discovered the properties in the metaverses. Following Facebook’s announcement to build its own metaverse, decentralized blockchain metaverses have multiplied the sale of their properties. According to data from NonFungible, company dedicated to the statistical elaboration in the Blockchain ecosystem, during the last year 127,560 virtual lands were sold in these metaverses, with a total value of $ 568,016,503.
Investment firms Graysacle and Morgan Stanley estimate that metaverses could handle a trillion dollars over the next few years and exceed $ 50 billion by 2030. Today, it can be much more expensive to buy a land or a house in these virtual worlds. than in real life. In fact, we could be before the first generations that they spend their savings before buying virtual houses than houses in the real world.
Real estate in the metaverses
Not even the most optimistic could expect the incredible evolution experienced by blockchain metaverses during the year 2021. The metaverse token The Sandbox (SAND) has gone from being worth $ 0.03 on November 4, 2020, to trading at $ 8.40 on November 25 November 2021. Today it is listed at $ 5,09. An evolution of almost 9,000%. For its part, the Decentraland token (MANA), has gone from being worth $ 0.06 in November 2020, to a maximum of $ 5.85 in November 2021. That is, it has multiplied almost by one hundred. Although it remains to be seen if this growth is sustainable and to verify that it is not a bubble, the truth is that metaverses are already a reality. A day trades at $ 3.13.
The decentralized metaverse of The Sandbox has been the one that has evolved the most this last year, outselling its main rival Decentraland. The Sandbox, built on Ethereum, is a voxel-style metaverse, which allows its users to play games, build their own digital worlds, access interactive applications, and trade different objects.
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In the last year, The Sandbox has sold more than 17,000 virtual lands for a total value of $ 276,995,575. The 10 most expensive virtual lands sold in this metaverse all exceed $ 200,000. That is, prices that are close to the average house price in Spain: € 223,380. The most expensive parcel was sold for almost $ 900,000, followed by parcels that sold for $ 302,770 and $ 287,114. During the last year, close to 20,000 crypto holdings were active in this metaverse and prestigious brands, such as Adidas, have already established alliances.
Decentraland is the most developed decentralized blockchain metaverse to date, and the second by number of sales. A metaverse that also acts on the Ethereum blockchain, and where users can build, create and explore different virtual worlds in a totally decentralized way.
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In the last year, Decentraland has sold a total of 21,000 virtual lands for a value of $ 98,911,752. In addition, it has been in this metaverse where the most expensive virtual lands have been sold. Just a month ago, land was sold for $ 2.4 million, a price much higher than a real home anywhere in the world. To put it in context, the median price of a home in Manhattan (New York) is $ 660,230, a quarter of what was paid in Decentraland. In fact, the 10 most expensive lots sold in Decentraland all exceed $ 500,000. The land sold for $ 2.4 million is followed by others sold for $ 1 million and $ 900,000.
Other blockchain metaverses
Although The Sandbox and Decentraland are the two best-known blockchain metaverses and the ones that accumulate the vast majority of sales, there are other metaverses that are gradually gaining relevance. Third by number of sales is Somnium Space, a virtual reality blockchain metaverse also built on Ethereum and where the most expensive land sold for more than $ 100,000.
Also, the fourth by volume of sales is CryptoVoxels, a metaverse similar to the popular Minecraft video game that has reached 28 million dollars in sales. The properties sold in this metaverse also reach the prices that are paid for homes in real life. The most expensive land was sold for $ 277,077, followed by other sales for more than $ 180,000.
This boom in the virtual land market has not gone unnoticed by real estate companies. Therefore, there are already companies like Metaverse Property. A company that, in addition to offering parcels in the Decentraland, the Sandbox, Somnium, Upland and Cryptovoxels metaverses, also offers leasing, property management, marketing, project development and consulting services. The company has an investment project, called REIT, where it reports the creation of the first virtual real estate investment trust on the aforementioned metaverses.