Mark Cuban is a crypto industry evangelist.
He has invested in many projects and is a fervent supporter of Ethereum, whose platform allows the development of apps dedicated to decentralized finance (Dapps), the creation of non-fungible tokens (NFTs) and other uses.
Ether, the native token of Ethereum, is the second cryptocurrency by market value after bitcoin. Its value should go up further in the coming months due to a big change expected in September that will allow many transactions to be carried out on the platform quickly and at an affordable cost.
However, Cuban also remains one of the strongest critics of the crypto industry which encompasses a galaxy ranging from web3, the new iteration of the internet, cryptocurrencies, decentralized finance (DeFi) and the metaverse, this immersive virtual world that Mark Zuckerberg, CEO of Meta (META) – Get Meta Platforms Inc. Report (Facebook, Instagram, WhatsApp), sees as the future of his social media empire.
‘The Dumbest’ Investment Ever
The craze around the metaverse is accompanied by multiple trends and projects, including buying virtual land in the metaverse.
Virtual real estate is made up of designated pieces of code in an interactive web experience. Pieces of code are partitioned to create individual “plots” within certain metaverse platforms and are made available to purchase as NFTs on the blockchain.
Sales in 2021 reached $501 million, according to MetaMetric Solutions. In January, sales topped $85 million and could reach nearly $1 billion in 2022. Platforms Sandbox, Decentraland, Cryptovoxels and Somnium are the top players in this market.
None of this impresses Cuban, who has just launched one of the most violent attacks against land purchases in the metaverse.
“The worst part is people are hooked on real estate in this place [metaverse],” Cuban told Altcoin Daily Youtube Channel in a recent interview. “That’s just the dumbest s— ever. The dumbest, dumbest. Did I say it was dumb. No, that’s not strong enough. Super meta immaculately dumb,” the Shark Tank’s star blasted.
He went on to make a clear distinction between real estate in the real world and real estate in the virtual world. For him, the value of real estate is considerable because of the scarcity. But in the virtual world, we really can’t talk about the scarcity of land.