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Mark Cuban Calls Metaverse Real Estate Investing ‘Immaculately Dumb’

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Mark Cuban has a net worth of about $5.9 billion, according to the Bloomberg Billionaires Index.

billionaire Mark Cuban There have been some colorful, insulting words for people throwing in millions of dollars virtual real estate.

famous entrepreneur, investor, shark tank Stars collectively despise investors who have paid over $1 billion Since last year, onshore on various metaverse platforms During the interview on August 7 at altcoin daily Youtube the channel that was CNBC reported.

“The worst part is people are buying real estate in these places. It’s the dumbest shit ever. Stupidest, stupidest, did I say stupid? No, It’s not powerful enough.It’s super, meta, and completely ridiculous,” Cuban said. access or something. But before that, based on the traditional real estate model?

Cuban’s comments come just as the metaverse land bubble seems to burst. Real estate sales volume in the Metaverse fell 97% from its peak of $229 million in November 2021, when he hit $8 million in June, according to data collected by Did. sand dune dot com When Technavio When Reported by RubyHome Luxury Real Estate.

Declining interest has led to declining value.Average price of land sold nationwide Decentraland The platform has fallen from a February peak of $37,238 to an average of $5,163 on August 1st. Cointelegraph reported. sandboxis also a popular platform, with average selling prices dropping from about $35,000 in January to about $2,800 in August.

Cubans have been investors in non-fungible tokens, or NFTs. blockchain Online code that may come in the form of art or graphics that can cost millions of dollars. Bode Apes Yacht Club Collection Created by Yuga Labs.

Yuga Labs recently launched its own metaverse, which had no Cuban support whatsoever. According to Watcher News.

“What Yuga has done or is doing is wise. They call it real estate. But really, this is just a token for access. ‘ said Cuban. “Maybe they could build it and spin it. [it] I’m interested in other things, but I need to create a community first. Again, gate access as opposed to address. ”

The Metaverse crash comes amid significant declines in cryptocurrency valuations, with some companies closing and government agencies stepping up scrutiny.common in commercial real estate Employing cryptography and other technologies on the blockchaineven in the recent turmoil.

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