Mark Cuban Goes NSFW on Buying Real Estate in Metaverse: 'Dumbest' Move Ever

Billionaire Mark Cuban has shared his opinion on metaverse. The Dallas Maverick owner said that buying real estate in the metaverse is the "dumbest s*** ever."

Cuban said that it was great money for them but that it was not "based off utility," according to a CNBC News report.

Cuban shared his sentiments in a recent interview on the crypto-themed channel Altcoin Daily on YouTube. He added that there are unlimited volumes that one can create in the said virtual world.

Metaverse was rooted in Facebook's change of name to Meta. It triggered land grab for digital plots in so-called metaverse platforms by the likes of the Sandbox and Decentraland.

A virtual plot next to Snoop Dogg's digital mansion within the Sandbox was bought for $450,000 by an NFT collector with the username "P-Ape" in 2021.

Metaverse platforms have experienced a virtual land rush with users collectively spending millions on digital real estate.

In 2021, MetaMetrics Solutions noted that the combined sales reached $501 million.

Mark Cuban Metaverse

Mark Cuban said in an interview with Altcoin Daily that metaverse is not "even as good as a URL or an ENS," as there are unlimited volumes that users can create.

Janine Yorio, the CEO of metaverse real estate company Republic Realm, said in an Business Insider report in January that virtual land is a more viable investment for brands like Adidas and Nike, which could look to build social experiences.

Cuban said that it is currently more talk than anything.

The Dallas Maverick owner is a vocal supporter of crypto and other Web3 technologies, having invested in Yuga Labs.

Experts told Insider that metaverse is given land value due to the same two principles of physical real estate, which are scarcity and location. However, it does not apply to the metaverse as one cannot artificially introduce scarcity.

Metaverse

The peak of land sales for metaverse was in November 2021. However, as of August 6, the volume of sales among metaverse platforms was just over $150,000.

Mark Cuban said that the definition of the metaverse is unclear, adding it remains to be seen whether the technology will be well-sought in the future.

The billionaire added that the feature will not be just "one size fits all," adding that there will be a lot of different applications and ways of defining the metaverse, as reported by Fortune.

WIRED noted that metaverse can include virtual reality, which could be characterized by persistent virtual worlds that continue to exist even when users are not playing.

However, the metaverse does not require that those spaces be exclusively accessed through VR or AR.

Virtual worlds such as Fortnite can be accessed through PCs, game consoles, and even phones. VRs have also started referring to themselves as "the metaverse."

Many companies hopped on board the metaverse, hoping to start some sort of new digital economy, wherein users can create, buy, and sell goods.

This article is owned by Latin Post.

Written by: Mary Webber

WATCH: Mark Cuban speaks out against buying metaverse property - from Yahoo Finance