The idea of the Metaverse being this all-encompassing VR world is one that many are not intrigued. While Metaverse landlords and other investors pour money into Metaverse real estate, billionaire Mark Cuban has spoken out on the manner, decrying it “dumb sh*t”.
Metaverse real estate is dumb
In an interview with crypto-focused YouTube channel Altcoin Daily, Cuban explains that Metaverse real estate is not a wise investment. In fact, the Shark Tank investor believes that the industry is “the dumbest sh*t ever”.
Cuban is a public figure inside the world of cryptocurrency, a world that’s been intrinsically tied to The Metaverse. However, he is still against the sale of virtual land, as he believes it is not a useful asset.
“It’s not even as good as a URL or an ENS [Ethereum naming service],” Cuban told the YouTubers. “Because there’s unlimited volumes that you can create.”
In the interview, Cuban even went as far as to insult Metaverse real estate sold by Bored Ape Yacht Club creators Yuga Labs. As an investor of the group, Cuban criticised its recent Yuga Land sale.
“I still thought it was dumb to do the real estate. That was great money for them, you know, but that wasn’t based off a utility,” he said. “The worst part is that people are buying real estate in these places. That’s just the dumbest shit ever.”
Sales are plummeting
Cuban’s insistence that Metaverse real estate is stupid is shared by a lot of people. Since the end of last year, interest in virtual property has waned substantially. As such, prices for virtual land are plummeting.
Via WeMeta, prices for virtual land are are down substantially. While lands were worth hundreds of thousands before, they’re worth far less now. For example, the average price of Metaverse real estate is now just $5,930. This is 81% less than November 2021, which saw the average price at $32,191.
Currently, the general public is simply not interested in buying fake land. While corporations and celebrities like Snoop Dogg or Paris Hilton may be into the venture, most normal people do not see the point. Do you?