Buying Real Estate In Metaverse Is The Worst Mistake Anyone Can Make, Mark Cuban Warns

“The metaverse is everything you want it to be,” says Mark Cuban, a billionaire, Shark Tank investor, and Maverick owner.

Cuban, who has become a prominent crypto enthusiast, has shared his views on the metaverse, and more specifically, on owning a piece of land in one, in the latest Altcoin Daily podcast. 

“There’s no rhyme or reason to it yet. Will there be? It’s going to be hard to standardize things.” 

The Shark Tank investor believes that the metaverse is actually about community, as communities have taken on a new meaning in the crypto industry, with Discord and Telegram taking the first seats in keeping users engaged.

“The greatest takeaway right now – if you look across just general business, and you look across the crypto industry, it all comes down to the community. <…>After you create a community, then you figure out how it works.” 

But the worst thing anyone can do is to invest in a piece of land, according to Mark. “The worst thing is people buy real estate in these spaces – that is the dumbest sh*t ever! It is super mega immaculately dumb.”

One of the podcast hosts pointed out that Cuban himself is an investor in a project which sold digital land – Yuga Labs. 

On April 30, Yuga Labs, the Bored Ape Yacht Club creator, launched the auction of over 55,000 non-fungible tokens deeds of the land of Otherside, the platform’s metaverse. The company reportedly made around $300 million on that sale.

“I am an investor, but I think it was dumb. Even though they made great money. They call it ‘real estate,’ but it’s just a token for access,” Cuban commented on the sale. 

As for the future of the metaverse, the Dallas Mavericks owner believes that it will take different shapes and forms –– “There won’t be a single application – there’ll be a lot of different applications and a lot of ways to define a metaverse.”

Back in 2019, in an interview with Wired, Cuban seemed not that pleased with the utility cryptocurrencies offered at the time and chose bananas over any cryptocurrency. But later, he made a U-turn and started praising digital assets and blockchains and has invested in multiple companies in the space.