Billionaire investor Mark Cuban has strong opinions about high-value real estate purchases taking place on decentralized blockchains.
What Happened: In a recent interview with Altcoin Daily, Cuban described the act of buying land in the metaverse as “super mega immaculately dumb.”
The Shark Tank investor agreed with Altcoin Daily’s Aaron Arnold likening the term metaverse to the term cyberspace in the nineties.
“The worst part is people are buying real estate in these places. I mean, that’s just the dumbest sh*t ever,” said Cuban.
“It’s not even as good as a URL or ENS because there’s unlimited volumes that you can create.”
Without mentioning any specific crypto projects, Cuban said he would be less averse to metaverse real estate offerings once they have a community in place because they can find places with perceived value based on how the community works.
“But beforehand, based on a traditional real estate model? Dumbest mother fu*king shit ever.”
Earlier this year, Curzio Research paid $5 million to acquire a piece of virtual land in the TCG World metaverse. This sale outpaced the previous record held by The Sandbox (CRYPTO: SAND) metaverse, where a single plot of land sold for $4.3 million.
Price Action: The crypto market saw a 2.8% increase to $1.12 trillion over the last 24 hours. Bitcoin (CRYPTO: BTC) was trading at $23,727, up 3.14% over 24 hours and Ethereum (CRYPTO: ETH) was trading at $1,732, up 2.81% over the same period.
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