Shark Tank star Mark Cuban was recently extremely critical of digital land ownership in the Metaverse and found very clear words for it.
Major investor and Shark Tank star Mark Cuban recently commented on digital holdings in the Metaverse. More precisely, to digital land and real estate ownership. A hype that is partly due to Mark Zuckerberg.
Mark Cuban speaks out on digital land and real estate ownership
In a conversation with crypto YouTube channel “Altcoin Daily” Mark Cuban recently spoke about buying virtual real estate, among other things. His language was very direct and unequivocal.
“The worst thing is that people buy real estate in these places”, he said indignantly. “This is just the dumbest shit ever.”
Companies like Sandbox and Decentraland are selling digital real estate Users who can then resell or rent them out. Alternatively, they can also use these lots to build virtual structures in the Metaverse. The price of the digital land is measured similarly to that in the real world. Supply and demand control performance, which is influenced by scarcity and location, among other things.
But experts warn: artificial scarcity cannot occur in the Metaverse be ensured. Mark Cuban also shares this view. “You can just create as many as you want“, he clarifies. Theoretically, this creates an unlimited supply, which in the long term should in turn lead to the absolute worthlessness of the digital possessions. For Cuban, the Metaverse is more of a tool to build communities. But not to buy a virtual house there.
The idea of the Metaverse really became known at the end of last year through Mark Zuckerberg. The founding of the parent company Meta, under which all of the billionaire’s projects such as Facebook, Instagram and WhatsApp were brought together, caused a veritable boom in the virtual goods industry.
Because Zuckerberg’s goal is So it’s expanding all of these social networks into a metaverse where people can come together in a virtual world and experience things together that aren’t possible in the real world. Digital avatars can be created there, which users can use to interact with one another. With AR and VR glasses, users should be able to immerse themselves so deeply in this digital world that they hardly feel the need to leave it again.
But as innovative as this concept may sound, At first it was nothing more than hype. Interest in the Metaverse has waned since November 2021. Similar to the rest of the crypto world, this industry’s revenues have dropped significantly in recent months.
Cuban is still a proponent of Web3
“Right now it’s more talk than anything” Cuban criticized Altcoin Daily. But while he’s not a fan of digital real estate, he’s known as a proponent of crypto and other Web3 technologies. Among other things, he has investments in Yuga Labs, which is known for its Bored Ape Yacht Club (BAYC) NFT collection. “People have rejected the internet the same way they are rejecting crypto today,” the Cuban tweeted as recently as May.
The 64 year old Mark Cuban is known from the show “Shark Tank“, the US model for the also popular in this country “The Lion’s Den“.