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Billionaire investor Mark Cuban has been at the forefront of the wave of interest in blockchain technology, smart contracts and NFTs, or non-fungible tokens.
It’s “like the beginnings of all new technology, excitement sometimes creates unique situations,” Cuban tells CNBC Make It.
Recently, NFT-based art in particular has sold at times for hundreds of thousands of dollars, but according to Cuban, [NFT] market, it will become more efficient and the price will settle, ”he says.
NFTs are unique cryptocurrency tokens used to represent assets, such as digital artwork, music, or movies. NFTs can be bought and sold, like physical assets, but because they run on the blockchain, a decentralized digital ledger that documents transactions, ownership and validity of the asset they represent can be tracked.
One of their big advantages is that they allow creators to get paid as their content is distributed over the internet.
For example, if an artist is listing their NFT-based artwork for sale, a buyer could purchase a unique token that represents the asset and can then prove the authenticity and ownership of the digital art through the blockchain.
According to Cuban, this is where the value lies. “The technology is real,” he says. “The impact is real and permanent.”
Cuban predicts that NFTs will disrupt the art, music and film industries.
“[B]the lockdown chain and smart contracts and markets are here to stay, ”he says.
Recently, the “excitement” surrounding the NFT market has led to record-breaking art auctions – for example, an NFT-based music video created by artist Mike Winkelmann, known as Beeple , was returned for $ 6.6 million last week after originally purchased for around $ 67,000, while a crypto-art version of the 2011 Nyan Cat meme was auctioned off and sold for around 590,000 $.
In sports, NBA Top Shot, an NFT platform that makes it easy to buy and sell short clips of popular players, has recorded more than $ 280 million in sales to date, according to the CryptoSlam website.
The music industry is also diving into the market, with bands like the Kings of Leon announcing the release of a new album as NFT for a token priced at $ 50 – the offer will be open for two weeks at starting Friday at noon ET, and by its end, it will be gone.
As for Cuban, he’s already leveraged NFTs by auctioning digital goods online, including a Mavs Suns Game Day Experience music video. He also owns NFT-based digital assets, including a “Maxi Kleber dunk Moment” card which he considers a collector’s item and just as valuable as a physical sports card. Cuban has said he won’t sell, but other Maxi Kleber dunk digital sets have sold for between $ 35 and $ 800 on the NBA Top Shot website, which Cuban describes as a massive innovation.
Disclosure: CNBC owns the exclusive off-grid cable rights to “Shark Tank”.
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