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.
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 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.
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.
BTC total market cap at $451 billion on the daily chart | Source: TradingView.com Featured image from Rave Motion Pictures, Chart from TradingView.com
Explore Ripple's groundbreaking participation at WEF 2024, led by CEO Brad Garlinghouse. Discover how Ripple's blockchain technology is set to revolutionize global finance, from enhancing cross-border transactions to shaping the future of liquidity management and sustainable finance. Join us as we delve into Ripple's impact and visionary projects at the forefront of financial innovation.
MiyukiIn a recent statement, the US Treasury Department explains that digital asset transactions will not be subjected to identical reporting requirements as cash until more precise regulations are established.
AlexExplore the implications of Michael Burry's massive stock sell-off, as the legendary investor behind 'The Big Short' divests nearly $292 million in assets. Uncover insights into the potential impacts on the stock and cryptocurrency markets amidst macroeconomic shifts, and hear expert opinions on navigating the volatile financial landscape.
BrianWOM operates as a BRC 20 + ERC 20 dual-chain protocol token, with Hooked Launchpad securing a 20% allocation of the total project tokens.
AlexExplore the groundbreaking partnership between Mastercard and MoonPay, redefining customer loyalty and engagement in the Web3 era. Discover how this alliance integrates traditional financial infrastructure with blockchain technology, setting new standards in the digital economy.
WeiliangExplore the unfolding narrative of Coinbase users facing Bank of America account closures. Delve into the incidents, community reactions, and the silence from the banking giant, shedding light on the intersection of cryptocurrency and traditional banking.
MiyukiExplore the implications of social media behemoths X (formerly Twitter) and Meta withdrawing support for NFT profile pictures, set against the backdrop of a declining crypto market. Understand the rise and fall of NFTs on these platforms, their impact on digital ownership, and what the future may hold for this innovative yet volatile digital asset class.
BrianExplore El Salvador's groundbreaking journey into Bitcoin investment. This article delves into the nation's strategic decisions, the impact of global crypto trends, and the potential implications for future national economic strategies. A compelling read for anyone interested in the intersection of cryptocurrency and national fiscal policies.
WeiliangExplore the evolving dynamics of Bitcoin as traditional finance giants like BlackRock and Goldman Sachs enter the market. Delve into the tension between Wall Street's influence and the steadfast ethos of Bitcoin's original advocates. This article unpacks the complex interplay of power, principles, and the potential reshaping of Bitcoin's future in the face of institutional involvement.
MiyukiExplore how Chainlink's CCIP and Circle's CCTP integration is revolutionizing cross-chain transfers, allowing seamless USDC transactions across multiple blockchains. Discover the benefits for developers and users, and delve into the secure, decentralized infrastructure supporting this groundbreaking advancement in blockchain interoperability.
Brian