Mark Cuban calls buying Metaverse land "the dumbest sh*t ever"

Even though Mark Cuban, billionaire investor and owner of the Dallas Mavericks, is a member of the Bored Ape Yacht Club (BAYC), he is a vocal critic of the trend of selling plots of virtual land in the metaverse.

Cuban said, “The worst part is that people are buying real estate in these places,” in an interview published on Altcoin Daily. “That is the most idiotic thing I've ever heard.”

Cuban has been viewed as a trustworthy voice in the crypto industry, so this shift in stance may come as a surprise to some. Cuban's observation hinges on the growing trend of companies like Meta Platforms Inc, Gucci, and Salvatore Ferragamo, among others, to invest heavily in new metaverse-themed initiatives as part of the next stage of their business engagements.

Cuban is skeptical of predictions that the future value of land in the metaverse will increase due to scarcity. Cuban contends that as many NFT lands as are required can be manufactured, rendering the scarcity principle moot.

During the YouTube interview, he said, “It's not even as good as a URL or an ENS [Ethereum naming service] because there are unlimited volumes that you can create.” He went on to say that he did not like the Otherdeeds metaverse land that was sold by Yuga Labs, the startup behind the BAYC NFT collection, despite the fact that the sales brought in about $300 million.

Even after that, I thought it was a bad idea to get into real estate. That's a lot of money for them, but it's not sustainable because it's not tied to a utility, he explained.

Cuban appears to be a prominent advocate who has expressed negative reasoning to metaverse real estate, joining the ranks of the regular critics of innovations linked to blockchain technology in general. Although companies with stakes in the metaverse, such as Warner Music Group, Atari, Samsung, and JPMorgan, might disagree.

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