Crypto and the Metaverse are intertwined, with the latter likewise becoming an increasingly popular topic of discussion around the world.
Governments and major corporations have shelled out stupid amounts of money into the sector. Just like crypto, the Metaverse is expected to expand.
The popularity of the market has led the typical citizen to feel that it represents the future. Much like crypto.
Mark Cuban Doesn’t Buy The Metaverse
However, crypto advocate and billionaire Mark Cuban seemed unimpressed with the virtual landscape.
In the past few months, the crypto-verse has witnessed the introduction of a number of coin-centric metaverses.
Even prior to the launch, the networks attempted to sell land. This spurred a number of individuals to wonder if virtual real estate would be successful.
Cuban believed otherwise, however.
On Sunday, the “Shark Tank” star discussed a variety of issues with the crypto YouTube channel Altcoin Daily, including the viability of purchasing virtual real estate in the metaverse.
Billionaire investor Mark Cuban says purchasing land in the #metaverse is the “dumbest shit ever.”
— Watcher.Guru (@WatcherGuru) August 9, 2022
The ‘Dumbest Shit Ever’
“The worst part is that people are buying properties in these places.” Cuban stated, as reported by Fortune. And he said:
“That’s just the dumbest shit ever.”
The billionaire’s remarks come at a time when the euphoria around the metaverse — a virtual reality realm where users can interact with a computer-generated environment and other users — appears to be waning.
Cuban, owner of the NBA’s Dallas Mavericks, remarked that the concept of acquiring virtual lands was inferior to URL or Ethereum Naming Service [ENS]. He emphasized further the limitless volume that may be produced in such domains.
On the contrary, this year is anticipated to see a rise in the virtual real estate market. In the coming months, the prominent analytics platform Metametric Solutions forecasts that the virtual properties industry will be valued several billion dollars.
Mark Cuban is not a fan of Metaverse real estate. Image: DailyCoin.
The Metaverse Is Only For The Moneyed Bunch?
According to Janine Yorio, CEO of the metaverse real estate firm Republic Realm, real estate in the metaverse is a more practical investment for brands such as Nike and Adidas seeking to create social experiences.
It didn’t say if the Metavese is not for the average Joe.
In November last year, Facebook rebranded to Meta, which sparked a flutter of enthusiasm about the prospects of the metaverse and drove a land rush for digital acreage 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 pleased with Yuga Labs’ land sale.
“I still believed that investing in real estate was a dumb thing. That’s great money for them, you know, but that wasn’t based on a utility,” Cuban explained.
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