Billionaire investor Mark Cuban recently gave his verdict on the metaverse. The entrepreneur stated that the metaverse is “anything you want it to be.” He further stated that the metaverse is similar to cyberspace in the early days of the internet.
While Mark Cuban acknowledged the existence of cyber communities and the role these communities play in the digital ecosystem, he believes that buying digital land is dumb. Mark lashed at investors who staked huge sums to acquire a space in a superficial world. He also expressed his disappointment in Yuga labs’ real estate venture.
Ironically, the Shark Tank personality invested in the company Yuga Labs. However, he stated that he was shocked to see the NFT company selling real estate some months ago.
Yuga labs made much money from their real estate sales on the metaverse, but Mark Cuban still believes virtual real estate has no utility.
Contrary to what Mark Cuban believes, many individuals in the crypto ecosystem believe the metaverse will be vital in the future, and early acquirers of real estate will reap the reward in years to come.
Projects like SandBox and Decentraland have pioneered the digital land and metaverse revolution. Also, billion-dollar companies like Meta and Microsoft have invested much money in metaverse developments.
Admittedly though, the metaverse is beyond real estate and land. Crypto gaming projects will also grab a chunk of the meta-market share shortly.
Existing metaverses are still in their early stages, and the virtual ecosystem seems promising. But it is yet to be known whether virtual lands and buildings will be a vanity like Mark Cuban believes or if early investors will reap rewards in multiple folds in the coming years.