The volume of the metaverse real estate market will grow by $5 billion over 5 years

Jul 26, 2022 21:24







Technavio Consulting Company presented the report "The Metaverse Real Estate market from the point of view of the end user and geography: analysis and forecast for 2022-2026". It is expected that from 2021 to 2026, the volume of real estate sales in the metaverses will increase by $5.37 billion.



THE MAIN DATA OF THE TECHNAVIO REPORT ON THE METAVERSE REAL ESTATE MARKET

The report says that a key factor in the growth of the metaverse real estate market is the growing popularity of augmented reality and cryptocurrencies. The evolution of virtual reality into augmented reality allows users to get information about real objects using tags and annotations. Thus, people using metaverse platforms get access not only to virtual, but also to real real estate, which can be sold or rented in a digital environment. This process is facilitated by the growing experience of using cryptocurrencies as a means of payment and NFT tokens as an object of copyright ownership.

However, the virtual metaverse market also has problems, the key of which remains the uncertainty of the market price for virtual land and real estate. Theoretically, the price should depend on the scarcity and location of the object, but these factors do not correspond to the pricing model in the physical world. The value of digital assets, including real estate in the metaverse, is speculative, which inevitably causes high volatility. Fluctuations in land and real estate prices in virtual worlds can seriously reduce the interest of investors, which will negatively affect the growth of the market.

According to the Technavio report, the metaverse real estate market is segmented both from the point of view of the end user (companies and individuals) and geographically (North America, Europe, Asia-Pacific, South America, Middle East and Africa). From the point of view of profitability, the most important role is played by the growth of the share of the metaverse real estate market in the corporate segment. This market is thriving precisely because of the use of the virtual world by such giants as Nike, Facebook and Microsoft. The growth of the corporate end-user segment is largely stimulated by the development of Web 3.0 technology.

During the forecast period, 41% of the market growth will come from North America, as the USA and Canada are key players in the metaverse real estate market. Market growth in this region will outpace progress in South America, the Middle East and Africa.

Hash Telegraph askedAnton Elston, CEO of DEXART metaverse, to comment on the Technavio report. From his point of view, this analytical forecast is of considerable interest, but the metaverse industry needs to implement standards:

There are a lot of market growth forecasts. But they will come true only if there are some standards. We are talking about abstract models that will form the basis of development for metaverses. I think this is very important.

Standardization is becoming an important trend in the current phase of industry development. It is no coincidence that the leading metaverse and Web 3.0 platforms have recently formed the Open Metaverse Alliance for Web3 (OMA3) in order to create standards and overcome the problems of interaction of multiple virtual worlds.

The DEXART metaverse was founded at the end of 2021. In 2022, the metaverse team took second place at the Definition Marathon with a project to automate the scoring of candidates for managing game accounts for Sanctor. On June 23, the sale of land in the DEXART metaverse opened, real estate trading is scheduled to begin this fall.

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