Billionaire investor Mark Cuban: buying virtual land is "the stupidest thing ever"

Phoenix New Media, Beijing, Aug. 10 (Xinhua) recently, billionaire investor Mark Cuban talked on an online program about the feasibility-or lack of feasibility-of buying virtual property in meta-universe. "the worst thing is that people buy real estate in these places," Cuban said. "it's the stupidest thing ever."

Some companies sell digital land to users, who can buy, sell or lease the space, or use it to build virtual structures. In theory, giving land value to the virtual world has two principles as well as physical real estate: scarcity and location. However, some experts say this does not apply to meta-universe because we cannot artificially introduce scarcity. Again, this is what Cuban thinks.

Instead, virtual land is a viable investment for brands such as Adidas and Nike that seek to build a social experience. However, compared with investing in real estate, this is still a risky encrypted asset.

In theory, meta-universe is a vast digital world, where people can interact with each other through digital identity and connect with reality through AR glasses and VR headphones. But despite a year of hype, it has yet to materialise, and interest in meta-universe and its sales have declined since November 2021.