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Mark Cuban: Buying Metaverse real estate is stupid



 "The Metaverse is everything you can imagine," says billionaire and shark tank investor Mark Cuban.


Mark Cuban, a prominent crypto enthusiast, shared his take on the Metaverse on the recent Altcoin Daily Podcast . Is it worth buying into a virtual property? Cuban explained:


"There's no point or reason for it yet. will there be one It's going to be hard to standardize things."


Shark Tank Investor believes that the Metaverse is all about the communities and that as the crypto industry has grown, they have taken on a new meaning. According to Cuban, Discord and Telegram currently play the biggest role in retaining new users.


The biggest takeaway is that when you look at the broader business, the crypto industry is about community. […] After you create a community, you have to figure out how it works.”


The worst thing anyone can do is invest in a virtual lot, says Mark. ' The worst thing is that people are buying property in these rooms - that's the dumbest shit ever! It's super mega totally stupid."

Mark Cuban invested in Metaverse properties himself

One of the podcast hosts pointed out that Cuban himself is an investor in a project that sells digital land - Yuga Labs .


On April 30, Yuga Labs, the company that founded the Bored Ape Yacht Club, launched an auction of over 55,000 non-fungible tokens representing the virtual land of Otherside , the platform's metaverse. The company reportedly raised around $300 million from that sale. Cuban explained:


"I'm an investor but I think it was stupid. Even if they (Yuga Labs) made a lot of money. They call it "real estate" but it's just tokens to get access."


As for the future of the Metaverse, the Dallas Mavericks owner believes the new virtual space will take various forms. "There won't be a single application - there will be many different applications and many ways to design a metaverse."


In 2019, in an interview with Wired, Cuban was still very critical of the utility offered by cryptocurrencies. At the time, Cuban described bananas as more valuable than any individual cryptocurrency. However, later the investor changed his mind and started to endorse digital assets and blockchains and invested in several crypto companies and projects.


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