Mark Cuban, has no plans to buy digital land.
On Sunday, the “Shark Tank” star talked to the crypto YouTube channel Altcoin Daily about many things, including whether or not it is possible to buy virtual property in the metaverse.
As Fortune first reported, Cuban said, “The worst part is that people are buying real estate in these places,” “That’s just the dumbest shit ever.”
Companies like Sandbox and Decentraland sell digital plots of land to users. Sandbox is where rapper Snoop Dogg’s own metaverse lives. Users can then buy, sell, rent, or build on the land.
In theory, scarcity and location are the same two things that give real estate value in the real world. But experts told Insider in January that this doesn’t work in the metaverse because you can’t create scarcity on purpose.
Cuban agrees with that point of view.
“It’s not even as good as a URL or an ENS, because there’s unlimited volumes that you can create,” Cuban told Altcoin Daily, referring to Ethereum naming service domains that serve as readable crypto wallet addresses, which have become a lucrative market.
Janine Yorio, CEO of the real estate company Republic Realm, told Insider in January that brands like Adidas and Nike that want to build social experiences are more likely to invest in virtual land. And it’s still more of a risky crypto asset than a real estate investment.
The metaverse got a lot of attention at the end of last year when Mark Zuckerberg, the CEO of Facebook, said he was making a parent company called Meta for his pinwheel of projects like Instagram and WhatsApp. This was meant to show how much the tech giant had helped build up the future technology.
In theory, the metaverse will be a huge digital world where people can interact using digital avatars while staying connected to the real world with AR glasses and VR headsets. But despite being talked about for a year, it’s not even close to happening, and sales and interest in it have dropped along with the rest of the crypto world since November 2021.
Cuban told Altcoin Daily, “Right now it’s more talk than anything,”
Cuban may not like metaverse land, but he is still a vocal supporter of crypto and other Web3 technologies. He has invested in Yuga Labs, which owns the popular Bored Ape Yacht Club NFT collection, and in late May, he compared crypto to the early internet and said that the best projects will survive the ongoing crypto winter.