Mark Cuban (billionaire Dallas Mavericks owner) and crypto enthusiast called the metaverse “the dumbest s*** ever”As a result, digital land prices fell.
Cuban spoke to Altcoin Daily, a crypto-based YouTube channel about his concerns with the metaverse.
“The worst part is that people are buying real estate in these places. That’s just the dumbest s*** ever,”He You can see the video.
The sentiments of the billionaire are coming as the digital universe’s increasing hype seems to be receding.
The metaverse is a loosely defined virtual world that allows people to shop, interact with others and play.
Facebook changed its name from Meta to Meta in November 2021. This sparked excitement about the potential for the metaverse. It also sparked a land grab in digital plots on the so-called Metaverse platforms, created by Sandbox & Decentraland.
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Investors can purchase land through these platforms, which can then create virtual buildings or experiences and resell on OpenSea.
Even companies like Adidas, Warner Music Group, and Samsung have bought digital land—a step that Cuban appears unlikely to follow based on his latest remarks.
He’s not swayed also by the vital claim made by metaverse land-speculators, that scarcity will make digital plots of worth.
Cuban, who is an investor in Yuga Labs which owns CryptoPunks and Bored Ape Yacht Club, said that he wasn’t fond of digital land sales.
It was raised to approximately $3.5 billion in April $317mFortune reported that it has a meta-platform.
“I still thought it was dumb to do the real estate. That was great money for them, you know, but that wasn’t based off a utility,”Cuban words
“The worst part is that people are buying real estate in these places. That’s just the dumbest s*** ever.”
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Since November 2021, metaverses sales have been declining. The volume of land sales on some of the largest metaverse platforms, such as the Sandbox or Voxels, reached a peak of $60m on November 21st, 2021.
According to WeMetaThe volume of sales between top five metaverse platforms increased by just over $150,000 since August 6.
As of last week, the average selling price for a plot digital land was $5,930.
According to WeMeta, the price was $32,191 in November 2021.
Cuban however stated that at this time, the metaverse definition is not clear and it remains to be seen if the technology will work.
“There’ll be a lot of different applications…But right now, it’s more talk than anything,”He stated.
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