Mark Cuban became a billionaire just before the dot-com bubble burst.
In 1995, Cuban and a friend, Todd Wagner, started an Internet radio platform called Broadcast.com. Four years later, Broadcast.com was acquired by Yahoo for $ 5.7 billion in shares, making Cuban a very rich man. Since then, investor “Shark Tank” and owner of Dallas Mavericks has invested in hundreds of successful businesses so far.
If Cuban created a company today, he would also use the new technology: he would focus the business around blockchain technology, smart contracts and NFTs or non-expendable tokens, which reminds him of the early days of the internet.
“If this was back in 1995, coming to these kinds of apps, I would go crazy,” Cuban told Justin Kan in a recent episode of the podcast “The Quest”. “That’s exactly what I would do right now: anything I could do digitally.”
NFTs are unique cryptocurrency tokens that are used to represent assets (such as digital artwork, music, or movies). NFTs can be bought and sold, like physical assets, but because they work with blockchain, a decentralized digital book can be tracked that documents the transactions, ownership, and validity of the asset they represent.
For example, if a creator puts up for sale a work of art based on NFT, the buyer could buy a unique testimonial that represents the asset and then can prove the authenticity and ownership of the digital art by blockchain.
“This is like the early days of the Internet again,” Cuban told Kan. “I think so [NFTs and blockchain tech is] it will be huge. “
Cuban has already charged with NFT auctioning digital products online, including a video of Mavs Suns Game Day Experience. He also owns NFT-based digital assets, including a “Maxi Kleber dunk Moment” card that he considers a collectible and as valuable as a physical sports card. While Cuban said he would not sell his own, other Maxi Kleber digital sets have sold anywhere from $ 35 to $ 800 on the NBA Top Shot website, which Cuban describes as a massive innovation.
In addition to collectibles, Cubà predicts that NFTs will affect the music and film industry.
“I think its collectible side will completely change the [art], the music and film industry in reverse, ”Cuban said.
“I would go to all the musicians I know right now. I would introduce myself, as I did back then with Broadcast.com, [to make] anything digital. The same goes for movies. “
According to Cuban, this industry will grow because, in his view, “the Gen Z values digital goods more than anything other than maybe a house, maybe a car [and] your phone. Then it’s digital. They will respect something that is digital before they buy something that is physical. “
Recently, the use of NFT has become a bit more common, as Christie’s announced that it will become the first major auction house to sell a fully digital NFT-based artwork later this month. .
“[I]You can’t bring traditional art collectors into the digital space, ”Cuban told CNBC Make It of the auction.
Growing up, Cubans frequently sold baseball cards and stamps, and the process of doing so has helped them understand why the blockchain will become increasingly important, he said.
“Because much of the industry is person-to-person, there are several other risks and costs introduced … All of these are expensive, time-consuming, increase risks, and annoying,” Cuban wrote in a blog post. gener. But with digital products and digital markets, “have fun, none of that risk and value is still set by the very laws of supply and demand,” Cuban wrote.
While, of course, there are risks associated with digital goods, as fintech technology experts point out, the buying and selling process will be more efficient through blockchain, Cuban told Kan. “This is the holy grail.”
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