Cuban loves crypto and Web3 technology, but thinks buying real estate in the metaverse is a bad idea.
Billionaire entrepreneur Mark Cuban loves cryptocurrency and Web3 technology, but he thinks buying digital real estate in the metaverse isn’t a good idea.
“The worst thing is that people are buying real estate on these sites,” Cuban told the Altcoin Daily YouTube channel this week. “This is just the dumbest shit ever.”
Cuban, who is one of the stars of the investment show “Shark Tank” and also owns the NBA’s Dallas Mavericks, refers to companies such as Decentraland or The Sandbox where people can invest in virtual lands within the metaverse
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The metaverse in this case refers to a decentralized 3D version of the Internet; in many cases, the metaverse may be partially powered by blockchain technology.
Celebrities such as rapper Snoop Dogg and reality TV star Paris Hilton, as well as companies such as Gucci, Atari and HSBC, have already bought virtual land in the metaverse – a parcel of virtual real estate next to Snoop Dogg’s in Sandbox sold for $458,000 in December 2021.
But “it’s talked about more than anything right now,” Cuban said in the interview about the metaverse.
Cuban, who made some of his fortune in the early days of the Internet when he sold his company Broadcast.com to Yahoo in 1999 for $5.7 billion just before the dot-com boom (from Broadcast.com has since been discontinued), has been an advocate in the crypto and NFT space in recent years.
The owner of the Dallas Mavericks is invested in the crypto and NFT space and claims to own several thousand dollars in bitcoin, ethereum and dogecoin, according to a CNBC report, and also says that 80% of his investments that are not in Shark Tank are cryptocentric.
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Generally, Web3 or Web 3.0 describes a decentralized Internet platform that runs on public blockchain technology, as opposed to Web 2.0, which is primarily run through large, centralized conglomerates such as Google and Facebook.
According to Bloomberg, the metaverse could become an $800 billion market by 2024 as brands like Meta, Google, Microsoft, and Apple invest in the metaverse in some way.
The metaverse real estate market is expected to grow by $5.37 billion between 2021 and 2026, according to a report by Technavio, a global technology research and advisory firm.
This article was published by Dow Jones Newswires