Shark Tank's Mark Cuban thinks buying real estate in the Metaverse is dumb
- Mark Cuban said purchasing real estate in the metaverse is "the dumbest sh*t ever".
- "It's not even as good as a URL or an ENS," Cuban said.
- Investors have been using metaverse to double or triple their money lately.
Ever considered investing in real estate before? How about doing this in the metaverse? If you think it makes sense, here's some bad news. Mark Cuban, one of the richest investors in the world, argues that this is very stupid.
According to Forbes, American investor, billionaire entrepreneur, television personality, and media proprietor Mark Cuban believes that buying land or a house on the metaverse is the most unreasonable thing in the world.
Mark Cuban, recently made statements on the Youtube channel Altcoin Daily.
"The worst part is that people are buying real estate in these places. That's just the dumbest shit ever," Cuban said.
"It's not even as good as a URL or an ENS, because there are unlimited volumes that you can create," Cuban told Altcoin Daily, referring to Ethereum naming service domains that serve as readable crypto wallet addresses, which have become a lucrative market. "I still thought it was dumb to do the real estate. That was great money for them, you know, but that wasn’t based off a utility," he said.
What is real estate investment on metaverse?
A metaverse is a digital platform on the Internet where people communicate and interact as cartoon avatars in a 3D-rendered community. Recently, some real estate investors and firms started to invest millions of dollars in virtual real estate to double or triple their investments in the future.
Who is Mark Cuban?
Mark Cuban was born in Pittsburgh, Pennsylvania in 1958. Cuban founded a video platform called Broadcast.com with fellow Indiana University alumni Todd Wagner in 1995. He also invested in mission-driven companies such as Luminaid, which provides lighting to disaster areas, and Mahmee, a maternal healthcare tech company. Today he owns the NBA's Dallas Mavericks and has stakes in Magnolia Pictures, AXS TV, and dozens of small startups. He is also known for his investment and entrepreneurship program Shark Tank.
Cuban has invested in the cryptocurrency Dogecoin, as well as accepting the particular cryptocurrency as a method of payment for Dallas Mavericks merchandise and tickets since at least early 2021. After being asked by CNBC for his thoughts on the payment method, Cuban responded, "It’s a medium that can be used for the acquisition of goods and services, the community for doge is the strongest when it comes to using it as a medium of exchange."