Billionaire investor and crypto advocate Mark Cuban believes that buying real estate within the metaverse is “just the dumbest shit ever,” as prices plummet from their all-time highs last year.
- In an interview with the YouTube channel Altcoin Daily, Cuban discusses that the metaverse is still a loosely defined term and there isn’t a single direction that it is heading. “It won’t be just one size fits all. There’ll be a lot of different applications. And a lot of ways of defining the metaverse. But right now it’s more talk than anything,” said Cuban.
- Cuban had compared the investment in digital real estate to that of URLs or Ethereum Name Service (ENS) saying “It’s not even as good as a URL or an ENS, because there’s unlimited volumes that you can create.” Implying that value comes from scarcity.
- Cuban mentioned Yuga Labs, in which he invests, and their land sale last year raising over US$317M as “dumb”, although “it was great money for them” it “wasn’t based off a utility.”
- McKinsey & Co released a report titled “Value Creation In The Metaverse” which predicted the possibility of generating US$5T by 2030 through the metaverse. This included content and experiences, platforms, infrastructure and hardware, and enablers in their valuation. Could this figure be representative of where the metaverse is really headed?
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