Crypto advocate and billionaire Mark Cuban doesn’t seem impressed with the metaverse quite the opposite.
Over the past few months, the crypto-verse has witnessed the introduction of a number of coin-centric metavers. Even before they were launched, the networks attempted to sell land. This prompted a number of people to question whether virtual real estate would be successful.
Mark Cuban, however, was of the opposite opinion
On Sunday, the star of “Shark Tank“discussed a variety of issues on the Altcoin Daily crypto YouTube channel, including the viability of buying virtual real estate in the metaverse.
– Watcher.Guru (@WatcherGuru) August 9, 2022
The “stupidest shit ever”.
“The worst thing is that people buy property in these places“. Mark Cuban said, in Fortune. And he added:
“It’s just the stupidest shit ever.”
The billionaire’s remarks come at a time when the euphoria around the metaverse seems to be fading. Mark Cuban noted that the concept of virtual land acquisition was inferior to Ethereum Naming Service [ENS]. He further pointed out the unlimited volume that can be produced in such domains.
On the contrary, this year is expected to see a rise in the virtual real estate market. In the coming months, the prominent analytics platform Metametric Solutions predicts that the virtual property industry will be valued at several billion dollars.
Is the metaverse just for the rich?
According to Janine Yorio, CEO of real estate firm Republic Realm, real estate in the metaverse is a more practical investment for brands like Nike and Adidas looking to create social experiences.
In November of last year, Facebook changed its name to Meta, sparking a wave of excitement about the prospects of the metaverse and leading to a rush of digital real estate in so-called metaverse platforms launched by Decentraland and The Sandbox.
Cuban’s investment in Yuga Labs, a startup that develops NFTs and recently launched its own metaverse, was somewhat incongruous in light of his previous views.
However, the tycoon indicated that he was not really happy with the sale of the Yuga Labs land. “I still thought investing in real estate was a stupid thing. It’s great money for them, you know, but it wasn’t based on a utility“, Cuban explained.