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04 November, 2022
With industries in different verticals quickly catching up with the Metaverse, real estate players in India often wonder whether the future of this industry lies in Metaverse. Real estate NFTs are now a reality in foreign countries like the US. Besides, businesses have been showing increasing interest in real estate metaverse. The metaverse economy in 2021 for real estate across the globe was $501 million, and the figure is likely to touch $1 billion by the end of 2022.
As metaverse is gaining popularity, it is estimated that the real estate cost will be increasing at a 45.2% CAGR between 2022 and 2025. In this context, it will be interesting to know whether or not the future of real estate in India lies in metaverse.
Most of the developers in India are of the opinion that currently the industry is going through a nascent stage. However, it is catching up with the virtual reality and Blockchain trends quite rapidly. Therefore, there are chances that the real estate industry in India will have its future in the metaverse. This would also turn out to be a great investment opportunity for investors. They would find the metaverse space good enough to promote their companies among people with similar mentality.
A reputed data analytics company reveals that in 2030, the global metaverse market would stand at $996 billion, going through an increment of 39.8% CAGR. Metaverse happens to be an immense experience, which would benefit the real estate industry. Besides, the developers would gain the technology to build mock-up apartments for the future to explain how the owners would experience the space. This kind of a holistic experience would also leverage sales.
In metaverse, buyers would find a replica of the real-world ambience when they explore new properties. For developers, it would be a lucrative space where they can also offer space for advertisement and sell properties online virtually. Experts also reveal the possibility of renting off your property on metaverse. With more customization of virtual properties, buyers would be able to socialize, create, and monetize land on metaverse.