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 Billionaire Mark Cuban Criticizes the Metaverse's Excesses

He is an avid supporter of Ethereum, whose architecture enables the production of non-fungible tokens (NFTs), the development of Dapps for decentralized finance, and other purposes. He has invested in several businesses.

The native token of Ethereum, ether, is the second most valuable cryptocurrency on the market behind bitcoin. Due to a significant upgrade that is anticipated in September that will enable numerous transactions to be completed on the platform swiftly and at a reasonable price, its worth should increase further in the ensuing months.

Cuban is still one of the most vocal opponents of the cryptocurrency sector, which includes web3, the latest internet technology, cryptocurrencies, decentralized finance (Defi), and the metaverse, an immersive virtual world that Mark Zuckerberg, CEO of Meta (META) (Facebook, Instagram, WhatsApp), believes will be the future of his social media empire.

The stupidest investment ever made

Several movements and initiatives, such as purchasing virtual land in the metaverse, are associated with the metaverse craze.

In an interactive online experience, virtual space is made up of specific pieces of code. Within certain metaverse systems, bits of code are divided into separate "plots" and made available for purchase as NFTs on the blockchain.

According to MetaMetrics Solutions, sales in 2021 were $501 million. Sales in January exceeded $85 million, and they may approach $1 billion in 2022. The leading platforms in this industry include Sandbox, Decentraland, Cryptovoxels, and Somnium.

Cuban, who just launched one of the metaverse's most brutal fights against land sales, is unimpressed by none of this.

People's addiction to real estate in this area (metaverse) is the worst aspect, according to Cuban, who recently spoke with the Altcoin Daily YouTube channel. "That is the worst s—- ever. The very worst. Have I said it was stupid? That's not robust enough, no. Super meta and incredibly stupid, "Star of the Shark Tank criticized.

He continued by clearly defining the difference between real estate in the physical world and real estate in the digital one. Due to its rarity, real estate has a high value in his eyes. However, we can't properly discuss the lack of land in the virtual world.

"You may locate locations dependent on how the community functions once it is established—not before. Because of access or other factors, something might have perceived worth, right? But first, using the most ridiculous mother s—- ever a real estate model, "Castro said.

Has the bubble in virtual real estate burst?

Cuban is well-versed in the subject because he invested in Yuga Labs, the company that owns the renowned NFTS Bored Ape Yacht Club collection. BASIC has sold small pieces of virtual land, hence the corporation is heavily invested in real estate in the metaverse.

In response to a question on BAYC's plan to sell virtual land parcels, the entrepreneur stated, "I am an investor in Yuga Labs right now (but) I still believed it was foolish to do the real estate). "Perhaps they made a lot of money from it. That was not a utility-based model."

"It's a wise thing that Yuga Labs is doing. Real estate is the term used. But in reality, it's only an access token. Basically, it's simply marketing jargon. Then again, it's simply restricted access. Now perhaps they can expand it to become other things, but first, you need a community."

A metaverse real estate investor and advisory company called Republic Realm claimed to have completed the largest-ever land acquisition in the Sandbox in November of last year in a deal worth more than $4.3 million. The corporation is creating 100 islands with their own residences, dubbed Fantasy Islands.

An NFT collector paid $450,000 for a virtual land near musician Snoop Dogg's digital residence in 2021.

But since bitcoin values fell recently, it appears that the metaverse's real estate bubble has burst.

According to Mehta, the average price of a virtual asset in Decentraland is $14,385.27, which is 61% less than the average price of $37,238.68 attained in November 2021.