Robert Steinadler, 10 months ago

Mark Cuban roasts Cardano and the Metaverse

Mark Cuban is not only rich and famous, he is also into crypto and actively invested in that space. When a person is that prominent like him, a broad audience likes to hear what he has to say about several issues, and Cuban is well known to speak up his mind. This week Cuban made a couple of statements during an interview that were amusing to some and maybe hurtful to others.

Why is Dogecoin better than Cardano, and why is it a bad idea to buy digital land plots in the metaverse? At least, according to Cuban.

Adoption is a key element

Cuban made a few remarks about Cardano, pointing out that even Dogecoin is seeing more actual use than the smart contract platform that is the brainchild of Charles Hoskinson and his company IOG. Cardano indeed missed out on the DeFi hype of 2020 and 2021 since smart contracts were introduced in September last year.

Another factor that Cuban criticized is market capitalization. Dogecoins supply is 100 % available to the market, while Cardano’s supply is only 75 %. This means that 25 % of all ADA is accounted for its total market cap while at the same time being illiquid to the market.

It seems that Cuban is not convinced that Cardano has a chance to overtake Ethereum or Polygon and pointed out that even though IOG tried to expand in Africa, there is no significant progress.

The Metaverse is stupid

In another interview, Cuban criticized the metaverse basically because it is still not clear what this space will look like. Cuban pointed out that some people are focused on VR, while others are trying to make it about Web3.

It is true that is still very early and many different ideas are competing on how this digital space is going to be developed. But Cuban went on and said that buying digital land is maybe the most stupid idea since it provides no immediate utility or value. Some land plots were sold before the metaverse platform in question even started.

It seems that Cuban has a hard time grasping the uncertainty that is still hovering over this market segment. Many analysts have pointed out that the metaverse will be one of the strongest growth markets in the next two years. And the reason is simple, there is an unlimited number of digital products available, and with NFTs, you can add scarcity to them if you wish.

Interoperability might be the answer

The answers to Cuban’s questions might indeed be very easy. The metaverse will not be that one special place where everybody is going. Instead, it might become a network of different spaces, each with its style and features as well as partnerships.

Many crypto and blockchain projects are already focusing on interoperability. This could indeed become one of the most important aspects, allowing users to move seamlessly from one part of the metaverse to another.

Featured articles
Four trading strategies for crypto
Bitcoin and Ethereum: what are the differences?
What determines the Bitcoin price?
Related articles
Avalanche: Alibaba Cloud starts Metaverse launchpad

May 05, 2023

Avalanche has had an impressive performance during the last bull market and it is competing as a high-speed blockchain against Ethereum, Polygon, and Solana. This highly competitive environment demands that Avalanche needs to push on all fronts to keep its market share and provide everything that is needed to become a metaverse power hub. Partnerships are usually the most important effort when it comes down to evolving the ecosystem of a blockchain.

Trade anytime, anywhere

Boost your trading impact and reaction time in over 80+ cryptocurrencies via instant access to your portfolio with the LiteBit app.

App Store
Google Play Store
  • 2525 Ventures B.V.
  • 3014 DA Rotterdam
  • The Netherlands
More info
  • About LiteBit
  • Support
  • Sell
  • News
  • Education
Subscribe for updates

Sign up to stay informed via our email updates

Explore popular coins
© 2023 LiteBit - All rights reserved