In fact, according to a report by McKinsey, these players have invested more than US$120 billion ($165 billion) in the metaverse in the first five months of 2022, more than double the US$57 billion recorded in all of 2021. Betting on mass adoption in the coming years, investors are exploring different metaverse platforms to find prime real estate that could be worth more than their mortgage in the real world.
Promoted with great fanfare as part of the virtual reality boom, do users and investors still have the interest and appetite in real estate conjured out of bits and bytes?
Earlier this year, investors were all aboard the metaverse hype train as the increasing prominence of the virtual world brought about hopes for a borderless universe with endless possibilities. To capitalise on the opportunity, technology companies, venture capitalists, private equity firms and established brands raced to get a slice of the pie, pouring billions into various metaverse-related projects.
