Billionaire Mark Cuban: 'Buying virtual land is stupid'

 Billionaire Mark Cuban thinks spending millions to buy virtual land in the metaverse is "the dumbest thing ever".


The worst part, is that people are trying to buy real estate in these places,” Cuban said of buying virtual assets in the metaverse on the YouTube channel Altcoin Daily, which specializes in crypto. "It was the dumbest thing ever."

Billionaire Mark Cuban. Photo: Daily Coin
Billionaire Mark Cuban. Photo: Daily Coin

In theory, buying virtual land can be profitable based on two factors like with real real estate: scarcity and good location. However, experts say that does not apply to the metaverse, because this scarcity is often "artificial" because humans can create them.

Cuban agrees with this statement. "It's not even a website link (URL), because you can create an unlimited amount.

Mark Cuban is one of the "sharks" sitting on the American Shark Tank hot seat from 2011 to the present. He is also the owner of the famous Dallas Mavericks basketball team, which is worth more than $4.7 billion, according to Forbes.

Despite not having a favorable view of virtual land, Cuban is still a strong supporter and a loud voice in the field of cryptocurrency. Recently, he also appreciated Web3 related technologies and invested in Yuga Labs, which owns the famous NFT Bored Ape Yacht Club collection.

Virtual land is created in a digital space like the metaverse virtual universe. This is a space where users can come to have fun, shop, meet, and interact with many people around the world through virtual reality devices. In the virtual universe, land can be used to build houses, parks, shopping malls, conferences, exhibitions, museums...

With many units and organizations, this type of land becomes an ideal space to expand activities. In late 2021, rapper Snoop Dogg builds a virtual mansion on land in the Sandbox universe. Platforms specializing in virtual land such as Sandbox or Decentraland also attract a large number of participants. Facebook last year also changed its name to Meta with the ambition of building a virtual universe. Electronic asset management firm Grayscale thinks the metaverse could become a $1 trillion business in the near future.

However, according to experts, the future of the virtual universe is still uncertain. Participants in this type of money still face many of the same risks as other cryptocurrencies such as devaluation or investing in projects with little potential.

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