Mark Cuban is telling people how he really feels about the latest metaverse craze — particularly metaverse real estate.
And let’s just say the billionaire investor is not too keen on it, and he isn’t mincing his words.
“The worst part is that people are buying real estate in these places,” the Dallas Mavericks owner said in an interview with Altcoin Daily, referring to metaverse platforms like the Sandbox and Decentraland.
“That’s just the dumbest s–t ever,” Cuban, 64, added. “Did I say it was dumb? That’s not strong enough. Super meta immaculately dumb.”
Cuban added that the only way the concept could even potentially work was based off whether there is a community around it.
“It all comes down to community. Where can you create community and what is the impact of that community? After you create a community, then you can find places that, depending on how that community works, that can have perceived value because of access,” he explained. “But beforehand? Based off of a traditional real estate model? Dumbest motherf–king s–t ever.”
Meanwhile, the latest data from the metaverse real estate sector seems to back up what Cuban is saying.
Metaverse land prices significantly decreased by 80% in the last six months, according to The Information.
Cuban has also been focusing more in the pharmaceutical industry. His latest endeavor is launching his own online pharmacy to slash the price of generic drugs.
Ex-Brit turned Manhattan resident since 2008.