As metaverse land prices plummet, Mark Cuban says buying digital land is ‘the dumbest sh*t ever’

Mark Cuban is not a fan of the metaverse.

People are buying real estate in these areas. He said that it was the dumbest shit he had ever heard.

The hype surrounding the metaverse seems to be cooling as Cuban comments.

The change of Facebook's name to Meta spurred a land grab for digital plots in the metaverse platforms created by the likes of the Sandbox and Decentraland.

These platforms allow investors to buy land as an NFT, which can be used for virtual buildings, experiences or resale on secondary markets. Based on his latest comments, Cuban seems unlikely to follow in the footsteps of Warner Music Group, Atari, and other companies that have bought digital land.

Cuban doesn't believe that scarcity will make these digital plots valuable.

He said during the interview that it wasn't as good as a URL or an ENS.

Cuban was not a fan of the company's land sale which raised about $317 million for its metaverse platform Otherside in April.

I didn't think it was smart to do the real estate. He said that it wasn't based off of a utility.

Cuban said that the Yuga land sale was smart because it was based on established communities, and that he views the digital land as less important than creating.

The sales of metaverse land have fallen. The volume of land sales across some of the biggest metaverse platforms was more than $60 million at their peak in November of 2011. The top five metaverse platforms had just over $150,000 in sales as of August 6. As of last week, the average sale price for a plot of digital land was $5,930, a decrease of 81% from the previous week.

Cuban said that the definition of the metaverse is not clear, and it is not yet known if the technology will prosper in the future.

It won't be just one size for everyone. There will be many applications. There are many ways of defining the metaverse. The billionaire stated that it is more talk than anything.

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