The Mark Cuban Cost Plus Drug Company (from website)
Billionaire entrepreneur Mark Cuban is facing a class action lawsuit over crypto brokerage firm Voyager Digital. A civil suit filed in the United States District Court in Southern Florida accuses Cuban of misrepresenting Voyager. Meanwhile, Mark Cuban has also come out strongly against the new Metaverse real estate market.
Voyager Digital shut down in July after the entire Crypto market crashed.
According to the lawsuit, “[Mark] Cuban and [Voyager Digital CEO Stephen] Ehrlich, went to great lengths to use their experience as investors to dupe millions of Americans into investing—in many cases, their life savings—into the Deceptive Voyager Platform and purchasing Voyager Earn Program Accounts (‘EPAs’), which are unregistered securities.”
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As for Metaverse Real Estate, Mark Cuban went on a rant against it in an interview with the Altcoin Daily YouTube channel.
Metaverse real estate is a kind of virtual world. It is an online platform where people can get together to play games, release products, offer services, and host events. The virtual properties, as they are known, are owned by various businesses. And the properties are themselves treated like real properties in that they can be bought, sold, or leased.
It’s part of this whole new Metaverse phenomenon – or nonsense depending on how you look at it.
First, there were all sorts of computer games that people could buy where they could build their own worlds or civilizations. Then, when the Internet expanded, new online games offered the same thing. But instead of buying a game, users pay for all sorts of add-ons. And the money spent piles up over time.
Now we have the Metaverse where people are already spending money on avatars. A person uses an Avatar in the Metaverse and then spends money on a wardrobe and all manner of items for their avatar, just like they would buy for themselves in the real world. But none of this is real and what is hard to understand is why people would care so much about a virtual character that they spend so much money on it.
Well, Facebook’s Meta is banking on this being the future as it expands the company’s Metaverse business.
And Metaverse real estate feels like Cryptos and NFTs, none of which have any real tangible value. Mark Cuban has himself gone back and forth in his opinion on Cryptos, sometimes slamming them and sometimes singing their praises. He even started his own Crypto firm and had his Dallas Mavericks NBA team accept it for payments.
So, what did Mark Cuban say?
Well, never one to mince words, Mark Cuban said in an appearance on the Altcoin Daily YouTube channel that this is “the dumbest s— ever. Did I say it was dumb? That’s not strong enough. Super meta immaculately dumb.”
“The worst part is that people are buying real estate in these places,” added Mark Cuban. “It was great money for them, but that wasn’t based off utility”
“It all comes down to community,” Mark Cuban went on to explain. “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. But beforehand? Based off of a traditional real estate model? Dumbest motherf–king s–t ever.”
