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The value of Metaverse real estate increased.

The value of Metaverse real estate increased.

In 2021, the Metavarse real estate market exceeded $500 million, and it will not be shrinking anytime soon.

A fan of Snoop Dogg spent $450,000 in December 2021 to buy “land” in the metaverse adjacent to Dogg’s virtual home.

According to HipHopDX:

“Dogg has been developing his own interactive world in The Sandbox, an Ethereum-based platform for creating and monetizing online hangout spaces and gaming experiences. The aptly-titled Snoopverse is where he is currently building a Voxel Art version of his real-life mansion in Diamond Bar, California, where he’ll be throwing private virtual concerts, parties, art gallery exhibitions and more.”

In the Snoopverse, there are 22 land plots that can be bought, 67 plots of premium land, and three estates that can be bought. Land owners can build on their plots and make money from other residents who visit.

In comparison to early January 2021, the present market has increased by about 700 percent. By 2022, the virtual real estate industry is expected to be around $1 billion, and by 2028, it will be worth $ 6.8 billion.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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