Mark Cuban calls the ‘stupidest’ move to buy real estate in the metaverses

Billionaire Mark Cuban, on the Altcoin Daily podcast Altcoin Daily, described the idea of buying land, mansions and other real estate in virtual worlds as the ‘stupidest’.

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In his view, such a model is untenable due to the prospect of an unlimited number of houses, clubs and other structures being created in metaverses.

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‘After you create a community, and not before, you will be able to find locations depending on its structure, which may have universal value due to access to [something unique] or something else. But until then, the traditional real estate model in metaverses is the stupidest garbage,’ Cuban explained.

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The investor added that metaverse creators are making good money from it, but there is little value in such projects without a community.

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‘They call this real estate, but in reality it is just an access token. Merely a marketing nomenclature,’ the billionaire noted.

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For an explanation of what a metaverse is, see ForkLog’s educational cards.

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In February, Italian fashion house Gucci acquired a virtual plot in the The Sandbox metaverse.

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Earlier, land in the same project adjacent to American rapper Snoop Dogg was sold for 70 903 SAND ($458 038 at the time of the deal).

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Earlier, Ethereum co-founder Vitalik Buterin said that existing attempts by corporations to create a metaverse are doomed to fail.

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