Mark Cuban, investor, Shark Tank star, and owner of the Dallas Mavericks is skeptical when it comes to the concept of the metaverse. In a recent interview, when asked about the definition of the metaverse, Cuban stated that the metaverse was “anything you want it to be,” declaring that buying land in the metaverse was the “dumbest sh*t ever.”
Mark Cuban Mocks Current Metaverse Iteration
The concept of the metaverse has been an object of skepticism for many people. In a recent podcast, Shark Tank star and National Basketball Association (NBA) team the Dallas Mavericks owner, Mark Cuban, mocked the current concept of the metaverse, stating that it could be anything anyone wants it to be. Cuban stated:
People that focus on [virtual reality] VR want it to be the metaverse. Others want Web3 to be the metaverse. There is no rhyme or reason to it yet.
To Cuban, the idea of the metaverse will be a difficult task to accomplish, as there needs to be standardization and interoperability between different communities. He believes that the metaverse, if realized, has to be backed by a community, and whichever platforms build the strongest communities behind them will be one type of metaverse.
Real Estate in the Metaverse
Cuban also criticized the idea of buying land in the metaverse, explaining that he believes that buying real estate on these platforms was not a good idea. He referred to this as the “dumbest sh*t ever,” declaring:
It is not even as good as an URL or an ENS because there are unlimited volumes that you can create.
He explained that for these structures to have value, they have to be first supported by a community and its activities, and these places will have value depending on access or how the community values them.
However, the real estate business in the metaverse has been booming, and it is projected to keep growing in the short term by some estimations. According to metaverse analytics firm Metametric Solutions, the sale of real estate in the metaverse is expected to reach $1 billion this year.
Furthermore, a metaverse report issued by Technavio in July predicts these sales will grow by $5 billion by the year 2026, fueled by the implementation of virtual reality solutions and the popularity of cryptocurrencies.