Metaverse is not Mark Cuban’s cup of tea: Here’s why

Sahana Kiran
Source – Unsplash

Metaverse has been emerging as a widely discussed topic all across the globe. Mainstream companies as well as governments have been pouring billions into the industry. The attention that the market has garnered has made the average Joe believe that it’s the future. However, prominent billionaire and Shark Tank star, Mark Cuban does not seem to be bullish about the metaverse.

Cuban appeared in a recent interview and was asked about the metaverse. He simply went on to suggest that it was “anything that we wanted it to be.” Mocking the entire concept of the metaverse he said,

“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.”

Over the last couple of months, the crypto-verse has been witnessing the launch of several coin-centric metaverses. The networks have been trying to sell lands even before it was live. This prompted several into thinking if real estate would make it big virtually. Cuban, however, believed otherwise.

Mark Cuban said,

“The worst part is that people are buying real estate in these places. That’s just the dumbest shit ever.”

He pointed out that the whole idea wasn’t as good as URL or Ethereum Naming Service [ENS]. He further highlighted the unlimited volume that could be created.

On the contrary, metaverse real estate is expected to boom this year. Prominent analytics platform Metametric Solutions noted that taking real estate to the virtual world would surge to $1 billion in 2022.

Mark Cuban, an investor at Yuga Labs

Looking at his above statements, his investment in Yuga Labs, a firm that formulates NFTs and recently rolled out its very own metaverse, was quite contradictory. However, Cuban suggested that he wasn’t very happy with the fact that Yuga Labs carried out a plot sale.

He stated,

“I still thought it was dumb to do the real estate. That was great money for them, you know, but that wasn’t based on a utility.”

From real estate to dating to even marriages, the metaverse is already home to an array of things. The onset of almost every technology creates a divide in the community. With a plethora of individuals and entities invested in it, the majority of them believe that it would thrive. Except for Mark Cuban, of course.