Mark Cuban, investor, Shark Tank star, and owner of Dallas Mavericks, is skeptical about the concept of a metaverse. Asked in a recent interview to define a metaverse, Cuban said a metaverse is “whatever you want it to be” and declared that buying land in a metaverse is “the stupidest thing ever done.”
Mark Cuban scoffs at the current iteration of the Metaverse.
The concept of the Metaverse has been a subject of skepticism for many. In a recent podcast, Mark Cuban, Shark Tank star and owner of the National Basketball Association (NBA) team Dallas Mavericks, described the current concept of the Metaverse as something that anyone could hope could be, he said, and scoffed. Cuban saidthat:
Those who focus on [virtual reality] VR want it to become a metaverse. Others want Web3 to become a metaverse. There is no rhyme or reason yet.
For Cuban, the idea of a metaverse will be a difficult task to realize because of the need for standardization and interoperability between different communities. He believes that if a metaverse is going to happen, it must be supported by the community, and building the strongest community behind any platform is one type of metaverse.
Real Estate in the Metaverse
Cuban also criticized the idea of buying land in the metaverse, explaining that he does not think buying real estate on these platforms is a good idea. He called it the “dumbest sh*t ever” and declared that.
It is inferior to URLs and ENS because of the unlimited volume that can be created.
He explains that for these structures to have value, they must first be supported by the community and its activities, and these places will have value depending on how they value access and community.
However, the real estate business in the metaverse is booming and, according to one forecast, is expected to continue growing in the short term. According to Metametric Solutions, a metaverse analytics firm, real estate sales in the metaverse are expected to reach $1 billion this year.
Additionally, Technavio’s July Metaverse Report predicts that these sales will grow by $5 billion by 2026, driven by the implementation of virtual reality solutions and the popularity of cryptocurrencies.
Image credits: Shutterstock, Pixabay, Wiki Commons