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Mark Cuban speaks out against buying metaverse property

Yahoo Finance Live anchors Seana Smith, Rachelle Akuffo, and Dave Briggs discuss billionaire investor Mark Cuban criticizing the idea of buying land in the metaverse.

Video Transcript

SEANA SMITH: Billionaire investor Mark Cuban says, no, thanks, I'm buying virtual property in the so-called Metaverse. Speaking on the YouTube channel Altcoin Daily, the "Shark Tank" star saying, quote, "The worst part is that people are buying real estate in these places." Cuban also saying that he is continuing on to use an expletive to describe the prospect now as part of his reasoning in that physical real estate has value because of scarcity and location, and that doesn't apply in the Metaverse.

Dave, I think he actually makes a pretty good point. I heard about this, people actually spending money on real estate in the Metaverse, something that I have yet to really be able to wrap my head around.

DAVE BRIGGS: Yeah, I've tried, and I have failed to wrap my mind around it as well. But taking it back to something Bradley just told us that he says the crypto sector is based on nothing but momentum and ideology, and he said there's no intrinsic value in a lot of those coins, that's exactly the issue we're looking at with Metaverse real estate. It's unlimited. Why would anyone buy something that is unlimited? You can create as much as you want.

What's interesting is Mark Cuban invested in Yuga Labs, which owns Bored Ape Yacht Club, which had a land sale that raised $317 million. So he is invested, in a way, in Metaverse real estate. Now, Rachelle, I am actually bullish on the Metaverse. I think we're still 10 years away from it, but I don't think ever will there be a reason to own real estate within it. I do think there's a real practical application for it down the road.

RACHELLE AKUFFO: You know, I'm still not really sold on it. And I do get the point of when you do compare Metaverse real estate to traditional real estate. The two factors most important-- location, which apparently doesn't matter because it's this endless abyss of the internet, and then scarcity, of which there is none.

So it's very hard for me to understand, at least, the real estate part of it. I mean, the potential for things like social media to take on sort of a 4D aspect, that, I do understand. But even in 10 years, I'm really still not convinced that we're going to get there, but I appreciate the optimism.

SEANA SMITH: I'm with you.