Buying Virtual Real Estate In Metaverse Is "Dumbest" Thing Ever, Says Billionaire
Topics: VR
Featured Image Credit: Meta, Markus Spiskie via Unsplash
Topics: VR
Spending real cash on virtual land in the metaverse is the "dumbest sh*t ever", said Mark Cuban, the billionaire entrepreneur and majority owner of the Dallas Mavericks.
He's not the only one to criticise the longevity and viability of the metaverse. Ken Kutaragi, the creator of the PlayStation, said that he struggled to see the point in the concept of being quasi-real, and Mark Zuckerberg's take on the metaverse was a bold, brave step into... a boardroom. And now, Cuban has weighed in on the topic. Speaking to cryptocurrency centric YouTube channel Altcoin Daily, he didn't hold back with his opinions on the decision making skills of those who have forked out for a plot of virtual real estate.
This guy explored the metaverse so you don't have to! Honestly, there are some characters here.
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"That's just the dumbest sh*t ever," said Cuban, and continued to poke holes in the pitches of these metaverse real estate agents. “It’s not even as good as a URL or an ENS [Ethereum naming service], because there’s unlimited volumes that you can create." That's the thing - the two factors that give land its value in reality are the location and the scarcity. There's only one plot in the south of Spain that offers you those fantastic views of the Alboran Sea (yes, I did Google it). But in the metaverse, where everything is made up, you just make more of what you want.
It's worth pointing out that Cuban is investing in Yuga Labs, the company that owns Bored Ape Yacht Club and CryptoPunks, and it had its own virtual land auction for Otherside in April. “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,” explained the billionaire. “It won’t be just one size fits all. There’ll be a lot of different applications. And a lot of ways of defining the metaverse. But right now it’s more talk than anything.”