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As Euphoria Surrounding Metaverse Seems To Be Waning, Mark Cuban Believes Investing In Virtual Real Estate Is Dumbest

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As Euphoria Surrounding Metaverse Seems To Be Waning, Mark Cuban Believes Investing In Virtual Real Estate Is Dumbest
10 Aug 2022
5 min read

News Synopsis

On purchases of digital estate, billionaire investor Mark Cuban is not involved. The "Shark Tank" star discussed a variety of subjects with the cryptocurrency YouTube channel Altcoin Daily on Sunday, including the viability (or lack thereof) of purchasing virtual property in the metaverse.

Cuban said, according to report, "The saddest part is that people are buying real estate in these regions." Simply put, "That's the dumbest shit ever." Users can buy, sell, lease, or use digital parcels of land sold by businesses like Sandbox, the home of musician Snoop Dogg's own metaverse, and Decentraland to create virtual structures.

The metaverse shot into the spotlight late last year when Facebook CEO Mark Zuckerberg declared he was forming a parent company called Meta for his whirlwind of initiatives like Instagram and WhatsApp, a move intended to reflect the tech giant's contributions to developing the cutting-edge technology.

According to theory, the metaverse would be a vast digital environment where users can communicate with one another via virtual avatars while remaining connected to the actual world via AR and VR headsets. However, despite the year-long hoopla, it is far from becoming a reality, and along with the rest of the crypto industry, it has experienced a decline in interest and sales since November 2021.

 

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