- Investor Mark Cuban said buying land in the Metaverse was “the dumbest thing ever.”
- Virtual real estate exploded in popularity last year, with companies like Sandbox selling it.
- However, the Metaverse is far from a reality, and interest in the Metaverse seems to be waning.
billionaire investor Mark Cuban I’m out to buy Digital Land.
‘Shark Tank’ Star Speaks to Crypto YouTube Channel altcoin daily On Sunday, we talked about various topics such as the feasibility or non-feasibility of buying virtual assets in the Metaverse.
“The worst part is people are buying properties in these places,” Cuban said. luck pointed out first. “It’s the dumbest shit ever.”
Companies like Sandbox — Where Rapper Snoop Dogg’s Own Metaverse Lives — and Decentraland Sell digital parcels of land to users Who can buy, sell or lease that space or use it to build a virtual structure.
In theory, the same two principles as physical real estate give value to land in the metaverse: rarity and location.But an expert told an insider in January This is not the case in the metaverse, as scarcity cannot be artificially introduced.
It’s an idea that Cuban also shares.
“It’s not as good as URL or ENS because the volume you can create is unlimited,” Cuban told Altcoin Daily. An Ethereum name service domain that serves as a readable crypto wallet addresshas become a lucrative market.
Instead, Virtual land is a viable investment for brands Just like Adidas and Nike are looking to build social experiences, Janine Yorio, CEO of metaverse real estate firm Republic Realm, told Insider in January. And it’s still a risky crypto asset rather than akin to investing in physical real estate.
It was late last year that the Metaverse came into the spotlight. Facebook CEO Mark Zuckerberg has announced that he will form a parent company, Meta. As for the windmills of projects like Instagram and WhatsApp, it’s a move designed to reflect the tech giant’s contribution to building the technology of the future.
Theoretically, The Metaverse will become a vast digital world People can interact via digital avatars while being connected to the real world with AR glasses and VR headsets. However, despite a year of hype, it is far from coming to fruition, and after November 2021, like the rest of the cryptocurrency industry, interest and sales have plummeted.
“There is more talk than anything right now,” Cuban told Altcoin Daily.
Cuban may not be a fan of the metaverse land, but it remains a vocal proponent of cryptography and other Web3 technologies. He has invested in Yuga Labs, which owns his popular Bored Ape Yacht Club NFT collection, We compared crypto to the early Internet in late Maypoints out that the best projects can survive the ongoing crypto winter.
‘People ignored the net as if it were a cryptocurrency,’ says Cuban Tweeted.