Mark Cuban is a man with razor-sharp business acumen. This shark understands business better than most people, so his word needs to be taken seriously. In a recent interview with Altcoin Daily, the Dallas Mavericks billionaire revealed his opinion on the metaverse. Cuban unabashedly described the act of buying land in the metaverse as “super mega immaculately dumb.” He added, “The worst part is people are buying real estate in these places. I mean, that’s just the dumbest sh*t ever. It’s not even as good as a URL or ENS because there are unlimited volumes that you can create.”
The statement is bewildering coming from an enthusiastic crypto investor. Still, his point of view is certainly valid. “There’s no rhyme or reason to it yet. Will there be? It’s going to be hard to standardize things,” said Cuban on owning a piece of land in the metaverse. Cuban is invested in Yuga Labs, the owner of Bored Ape Yacht Club and CryptoPunks NFTs. According to Benzinga, Cuban owns Bored Ape Yacht Club #1597. The estimated value of Cuban’s ape is $250,000 at the time of writing. Some notable traits of Cuban’s Ape include Cheetah fur, BAYC flipped brim hat, and a Hawaiian shirt.
The same company raised about $317 million for its metaverse platform Otherside with land sales in April. “I am an investor, but I think it was dumb. Even though they made great money, they call it ‘real estate,’ but it’s just a token for access,” Cuban commented on the sale. The first major land parcel sale on the metaverse happened in November 2021. An online piece of land on Decentraland fetched a whopping sum of $2.4 million in cryptocurrency.