As land prices plummet in the Metaverse, Mark Cuban says buying digital land is “the dumbest shit ever.”

Mark Cuban, the billionaire Dallas Mavericks owner and avid crypto enthusiast, is not for sale on the Metaverse. “The worst thing is that people are buying properties in these places. This is just the dumbest shit ever,” he told YouTube channel Altcoin Daily on crypto over the weekend. From a Report: Cuban’s comments come as the hype surrounding the Metaverse — a term that loosely describes an emerging virtual world where people can hang out, play, and shop — seems to be cooling. Last November, Facebook changed its name to Meta, sparking a flurry about the potential of the Metaverse, fueling a land grab for digital properties in so-called Metaverse platforms created by the likes of Sandbox and Decentraland.

These platforms allow investors to buy land as an NFT that can be developed with virtual buildings or experiences or resold on secondary markets such as the NFT exchange OpenSea. Companies like Warner Music Group, Atari, Samsung, and Adidas have all bought digital land — a move Cuban is unlikely to follow, judging by his recent comments. Cuban also doesn’t buy the central claim of Metaverse land speculators that scarcity will make these digital lots valuable. “It’s not even as good as a URL or an ENS [Ethereum naming service], because you can create unlimited amounts,” he said during the YouTube interview. Though he’s an investor in Yuga Labs, owner of popular NFT collections Bored Ape Yacht Club and CryptoPunks, Cuban said he’s not a fan of corporate land Sale, which raised around $317 million for its metaverse platform Otherside in April . “I still thought it was stupid to sell real estate. That was great money for them, you know, but it wasn’t based on utility,” he said.

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