Crypto Fan Mark Cuban Slams Metaverse Real Estate
Mark Cuban is no stranger to investing in the world of cryptocurrency and digital endeavors.
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But one thing you won’t catch the billionaire pouring his assets into? Digital real estate in the metaverse.
Cuban recently spoke in a Zoom interview with Altcoin Daily about the importance of digital communities and how they relate to the ever ambiguous metaverse, explaining that it’s not a one-size-fits-all model of a digital world but rather a place where different communities can gather and prosper.
It’s because of this, Cuban says, that the notion of blindly purchasing real estate in the virtual world is not the wisest of decisions, in his opinion.
“After you create a community, then you can find places dependent on how that community works that can have perceived value because of access or whatever,” Cuban said. “But beforehand, based off of a traditional real estate model? Dumbest mother f–king sh-t ever.”
Then he doubled down, again saying that “people are buying real estate in these places” and called it the “dumbest sh-t ever.”
Digital properties are beginning to pop up around the metaverse. Just this week a home in Miami, Florida was announced to become the first-ever property to be sold as both a real-life property as well as an NFT.
Cuban himself is an investor in Yuga Labs, a blockchain tech company that develops NFTs and other digital collectibles, most popularly the Bored Ape Yacht Club.
The billionaire explained that Yuga dabbled in metaverse real estate but he didn’t necessarily approve.
“I still thought it was dumb,” he said bluntly. “That wasn’t based off of utility.”
Although Cuban’s take on metaverse real estate is cynical, he’s still a fan of other digital assets with major investments in NFTs, crypto and blockchain companies. His fellow billionaires, however, may be inclined to disagree with him on the concept of crypto as a whole.
Earlier this month, Bill Gates took a hit at NFTs — specifically the Cuban-invested Bored Ape Yacht Club — saying that they were based on “the greater fool theory” and called the tokens “expensive digital images of monkeys.”
It’s safe to say that neither of the two will be investing in any digital real estate any time soon.
