With the rising interest in the metaverse and its underlying technology, fintech startups are supporting the global virtual economy by providing infrastructure, services, trading platforms, and applications. On the other hand, some famous personalities in technology and finance are against virtual reality, calling it “just the dumbest sh*t ever.”
During an interview that took place on Sunday with the YouTube channel Altcoin Daily, which is focused on cryptocurrencies, Mark Cuban discussed a variety of issues, one of which was the possibility—or lack thereof—of purchasing virtual property in the metaverse.
Cuban’s remarks come at a time when the enthusiasm that has surrounded the metaverse, which is a word that roughly defines a developing virtual environment where people can hang out, play, and shop, seems to be dying down.
A land grab for digital plots on so-called metaverse platforms built by the likes of the Sandbox and Decentraland was spurred by this enthusiasm about the possibilities of the metaverse, which was sparked when Facebook changed its name to Meta in November of last year.
Cuban does not believe the primary assertion made by those who speculate on the value of land in the metaverse, which is that scarcity will drive up the price of these digital plots. He adds that there is a lack of clarity on the definition of the metaverse at this time, and it is unknown whether or not the technology will be successful in the future.