The Virtual Real Estate Market Reached 1.4 Billion Dollars In 2022
✍️ 25 January, 2023 - 5:42 👤 Editor: Jakub Motyka
- During the past year 2022, 1.4 billion dollars were registered in virtual land purchase/sale operations in the metaverse.
- Decentraland (MANA) currently leads the list of virtual worlds with the highest market capitalization for land.
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Despite the state of the cryptocurrency market, the sector virtual real estate recorded last year 2022 record figures. Throughout the year, purchase/sale operations of land in the metaverse were carried out for a value of 1.4 billion dollars, a an increase of 180% compared to the 0.5 billion dollars with which it closed the year 2021.
A large part of these virtual land purchase and sale operations took place in the second quarter of 2022, when the business volume reached 907 million dollars. From there, with the fall in cryptocurrencies, the volume fell to between 65 and 36 million dollars in the third and fourth quarters of the year, respectively.
Decentraland (MANA), The Leader In The Volume Of Virtual Land Operations
In a study published by the company Parcel, a marketplace related to the exchange of NFT goods in the metaverse, it is clear that the absolute leader for market capitalization as far as virtual land is concerned is Decentraland (MANA), with a market cap that at the end of 2022 reached 452 million dollars:
In addition to Decentraland, in the Top 5 virtual worlds by market capitalization of their land we find Otherside (251 million dollars); The Sandbox ($167 million); NFT Worlds ($9 million); and Somnium Space ($8 million).
Despite currently being in second place on the table, the universe of Otherside was the star of 75% of virtual land sales operations in 2022. In fact, the most expensive sale of a plot of land took place precisely in this world, reaching a record price of 333 ETH.
The Fall Of Ethereum (ETH) Will Continue To Drag Down The Price Of Land In The Metaverse
Since the price reference for virtual land in the metaverse is Ethereum (ETH), Parcel experts point out that if the price of ETH continues to fall in 2023, hopefully virtual land values will too.
When the current bear market ends and new decentralized worlds appear, the study authors point out, it is foreseeable that the number of users interested in these virtual terrains will begin to increase again.
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