The billionaire has suggested using NFTs during Dallas Mavericks games and is a significant player in the Mintable marketplace.
Mark Cuban, owner of the Dallas Mavericks and a supporter of Dogecoin, believes nonfungible tokens have the potential to challenge and even change markets concerned with automated identity authentication and electronic signatures.
In a recent episode of the Unchained podcast, Cuban said that nonfungible tokens, or NFTs, could theoretically turn “anything documentation driven.” According to the billionaire, smart contracts could destabilise businesses such as electronic signature technology company DocuSign.
“Right now, we see a lot of smart contracts being used for NFTs, but those are only just proof of concepts for what will happen in business world implementations like insurance and legal documents,” Cuban explained.
Though the Dallas Mavericks owner said that the NFT industry as a whole may change those sectors, his personal interest was limited to purchasing items he “likes to look at.” He is also a significant investor in the marketplace Mintable.
Cuban advocated using NFTs for real-world data at basketball games, suggesting Mavericks fans could carry tokens containing “first-quarter highlights” or activities with the time minted on the blockchain. Others in the crypto room have been experimenting with related use cases, such as geotagging street art and designing technologies capable of capturing and encrypting data to NFTs such as temperature, air quality, and motion.
“I think there’s going to be a fair amount of winners [in the NFT industry]” said Cuban. “Probably within the next 3-5 years you’re gonna see a huge consolidation where there’s somebody who was on the outside looking in or somebody who got bigger that we didn’t expect to get big and they buy up the others to get their NFT base and get their customers.”
The remark seems to reflect a shift in the billionaire’s perspective on the technology, as he previously stated in January that valuations in the NFT room were inflated and that his participation was something of a test.
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