Is the Metaverse and NFTs just smoke & mirrors for the real estate industry?
The sales of non-fungible tokens (NFTs) surged by over 200 times in 2021 reaching over US$17 billion compared to the previous year. The exponential growth is driving investors' interests and innovation to further unlock the potential of NFT applications in the metaverse, which is said to be worth US$13 trillion by 2030.
Real estate developers are spending millions in Sandbox and Decentraland and targeting a whole new audience. News of selling real homes as NFTs are being marketed as the new investment method in the USA but is it applicable to Asia and other parts of the world. So what is really going on behind the scenes and the reality of such endeavors?
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