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from CNBC

Mark Cuban: Buying real estate in the metaverse is ‘the dumbest’ idea ever

by Cheyenne DeVon

Christopher Willard | Disney General Entertainment Content | Getty Images

Buying digital land in the metaverse may not be the best use of your money, according to billionaire investor Mark Cuban.

Although Cuban is a well-documented cryptocurrency enthusiast, he called purchasing virtual real estate in the metaverse “the dumbest s— ever” in a recent interview on the Altcoin Daily YouTube channel.

Despite being an investor in Yuga Labs, which owns popular NFT collections such as Bored Ape Yacht Club that has sold digital land plots, Cuban said buying virtual real estate is “dumb.”

“It was great money for them, but that wasn’t based off utility,” he said.

In the physical world, real estate is valuable because land is a scarce resource. However, that scarcity doesn’t necessarily apply to the metaverse.

In these virtual worlds, “there’s unlimited volumes that you can create,” Cuban said during the interview.

[ click to continue reading at CNBC ]

Posted on August 14, 2022 by Editor

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