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.