Buying Metaverse Land Is 'Immaculately Dumb', Says Mark Cuban
Mark Cuban had some harsh words for metaverse land NFTs during a recent interview on Altcoin Daily.
"The worst part is people are buying real estate in these places," Cuban said during a discussion on the metaverse and its applications. "That's just the dumbest sh*t ever, super mega immaculately dumb."
"It's not even as good as a URL or ENS because there are unlimited volumes you can create," he added.
Cuban did, however, add a clarifcation to his statement.
"After you create a community, not before, but after you create a community, then you can find places, depending on how that community works, can have preceived value because of access or whatever," he said. "But beforehand, based on a traditional real estate model, dumbest ... sh*t ever."
Even as an investor in Yuga Labs, Cuban admitted to thinking that the real estate play via Otherdeed for Otherside was "dumb."
"It was great money for them," he said. "But that wasn't based off of utility ... you have to have a community first, then it's gated access instead of an address."
Cuban's remarks about metaverse land does not extend to the metaverse in general, though. He is receptive to whatever the "metaverse" means, if anything.
"The metaverse is anything you want it to be," he commented. "Metaverse is just like a Zoom, only whatever platform you choose to aggregate people. And then, you hope that grows into community."
"It all comes down to community," he stressed. "Where can you create community, and what is the impact of that community? There are a thousand ways to create community, and technology is going to have a growing impact on that community."
"It won't be one size fits all," he concludes. "There will be a lot of different applications and a lot of ways of defining the metaverse. But right now... it's more talk than anything."