Mark Cuban freewheeling: “real estate investments in the metaverse? I’m the stupidest thing I’ve ever seen “
Mark Cuban is not a huge fan of the metaverse. The billionaire made fun of those who invested millions of dollars to buy a house on Decentraland.
Mark Cuban is not a huge fan of the metaverse. The billionaire and owner of the Dallas Mavericks recently expressed his opinion on investing in the metaverse : between 2020 and 2021, in the height of the fever for NFT and digital worlds, hundreds of people invested millions of dollars in land and houses made of pixels.
A short one to grab the best lots of virtual lands on platforms like Sandbox and Decentraland . Some houses – completely virtual – have been sold for millions of dollars. And not just homes: but also yachts and private aircraft, always existing only in the ether. Then the market broke out, similar to what happened with NFTs and to a lesser extent with cryptocurrencies. Now most of these million-dollar paid digital assets are worth nothing, or almost nothing.
The worst thing about the metaverse is that there are people who are buying properties in these ‘places’. It’s the dumbest shit I’ve ever heard
Mark Cuban said very diplomatically during an interview with Altcoin Daily.
Mark Cuban first disputes the idea that the metaverse is governed by the law of scarcity. On paper, any virtual world can create as much space as it makes sense to create. “It is not comparable to buying an internet domain or an ENS (a domain on the Ethereum network), because these assets can be created and replicated indefinitely,” he said.
Mark Cuban remains a great enthusiast of cryptocurrencies and NFTs, so much so that he is one of the investors of Yuga Labs , the company behind the NFT ‘Bored Ape Yacht Club’ collection . Yuga Labs also wants to create its own metaverse: it’s called Otherside and in April the first virtual lands were sold. “I think it was a silly idea,” Cuban commented. “They made a lot of money, I mean, but I don’t think it’s a project with any usefulness of its own.”