The billionaire has proposed the use of NFT during Dallas Mavericks games and is a major investor in the Mintable market.
Mark Cuban, owner of the Dallas Mavericks and defender of Dogecoin, says that non-fungible tokens may have the ability to disrupt and even transform industries that deal with digital identity verification and electronic signatures.
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In an episode of the Unchained podcast released yesterday, Cuban said that “anything driven by documentation” could potentially be transformed by non-fungible tokens, or NFTs. The billionaire said smart contracts could destabilize electronic signature companies like DocuSign.
“Right now we see a lot of use of smart contracts for NFTs, but those are really just proofs of concept of what can happen in business world applications, like insurance, legal documents,” Cuban said.
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Although the Dallas Mavericks owner said the NFT industry as a whole can revolutionize certain industries, his involvement was limited personally to buying the things he “likes to watch.” He is also one of the main investors behind the Mintable market.
Cuban proposed using NFTs with real-world data in basketball games, saying Mavericks fans could have “first quarter highlights” tokens or creation time events on the blockchain. Others in the crypto space have been experimenting with similar use cases, geotagging street art and developing technology capable of recording and encrypting data such as temperature, air quality, and movement in NFT.
“I think there will be a good number of winners [in the NFT industry],” Cuban said. “Probably in the next 3-5 years you will see a big consolidation where there is someone who was on the outside looking in or someone who got bigger that we weren’t expecting would get big and they buy from others to get their NFT foundation and get customers “.
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The statement apparently represents a change in the billionaire’s stance on the technology, given that in January he said that valuations in the NFT space were inflated and implied that his participation was more of an experiment.