Governments and large companies have invested ridiculous sums of money in the sector. The metaverse, like cryptocurrency, is anticipated to grow.
The market’s success has encouraged many to believe that it, like cryptocurrency, symbolises the future.
Cuban Doesn’t Buy Metaverse Land.
Mark Cuban, a cryptocurrency supporter, didn’t appear enthused with the virtual space. Several coin-centric metaverses have emerged in the crypto-verse in recent months.
The crypto-verse sought to sell land even before the launch, which prompted some people to speculate about the viability of virtual real estate.
However, Cuban believed differently.
On Sunday, the “Shark Tank” star spoke with the crypto YouTube channel Altcoin Daily on various topics, including the practicality of acquiring 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 aspect is that individuals are investing in these areas. According to Fortune, Cuban remarked: “That’s just the dumbest shit ever.”
The billionaire’s comments come as the excitement around the metaverse — a virtual reality realm where users can interact with a computer-generated environment and other users — appears to be fading.
The NBA’s Dallas Mavericks owner, Mark Cuban, stated that obtaining virtual lands was inferior to URL or Ethereum Naming Service [ENS]. He underlined the boundless volume created in such areas.
On the contrary, the virtual real estate industry is expected to grow this year. The major analytics platform, Metametric Solutions, predicts that the virtual properties sector will be worth several billion dollars in the following months.
Metaverse Is Only For The Moneyed Bunch?
According to Janine Yorio, CEO of Republic Realm, real estate in the metaverse is a more viable investment for brands like Nike and Adidas looking to develop communal experiences. It is unclear whether the metaverse is intended for the average Joe.
In November last year, Facebook rebranded to Meta, sparking excitement about the metaverse’s potential and a land rush for digital acreage in metaverse platforms of Decentraland and The Sandbox.
In light of his earlier positions, Cuban’s investment in Yuga Labs, a firm that creates NFTs and just established its metaverse, seemed somewhat contradictory.
However, the billionaire expressed dissatisfaction with Yuga Labs’ property transaction.
“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,” stated Cuban.