(NewsNation Now) — It might not technically be real, but virtual real estate sales in the metaverse are exploding.
In January alone, there were $85 million in virtual real estate sales. If sales keep up this pace throughout the year, they could reach nearly a billion dollars in 2022.
According to a report by The Conversation via Reuters Connect, there have been significant investments made in virtual land in recent months, as online platforms now have plots of land or even virtual houses people can buy in the metaverse.
The metaverse is a word used to describe the idea of a connected 3D virtual world, where real and digital worlds are integrated using virtual reality and augmented reality, among other technologies.
Accessible through virtual reality headsets, augmented reality glasses and smartphone applications, users will meet and communicate in the metaverse as digital avatars, The Conversation reported.
Cryptocurrency or nonfungible tokens, commonly known as NFTS, are the primary way of exchanging money through the metaverse.
Last year, property sales in the metaverse topped $500 million. Experts say that could double this year.
Reuters contributed to this story.