Speaking at an interview with Altcoin Daily, Cuban criticized the burgeoning market for metaverse real estate. According to data from MetaMetric Solutions, over $500 million worth of virtual land was sold in 2021. The industry’s growth continued in 2022, with January sales reaching $85 million. The total virtual land sales are expected to reach $1 billion by the end of 2022.
This impressive stat did not move Cuban, who opined that “the worst part is people are hooked on real estate in this place [metaverse]. That’s just the dumbest s— ever. The dumbest, dumbest. Did I say it was dumb. No, that’s not strong enough. Super meta immaculately dumb.”
Cuban argues that land in the metaverse is quite different from the real world in terms of scarcity. While the value of land is significantly higher in real life due to scarcity, the same cannot be said of virtual land.
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Source: Cryptocurrency - investing.com
