Mark Cuban, owner of the Dallas Mavericks and supporter of Dogecoin, says non-fungible tokens may have the ability to disrupt and even transform industries dealing with digital identity verification and electronic signatures.
In an episode of the unleashed podcast released yesterday, Cuban said that “anything based on documentation” could potentially be transformed by non-fungible tokens, or NFTs. The billionaire said smart contracts could destabilize companies like electronic signature technology company DocuSign.
“Right now we are seeing a bit of the use of smart contracts for NFTs, but these are really just proofs of concept for what can happen in business applications like insurance, documents legal, ”Cuban said.
Although the owner of Dallas Mavericks said the NFT industry as a whole can change some industries, his personal involvement was limited to buying the things he “likes to watch.” He is also a major investor behind the Mintable market.
Cuban has proposed using NFTs with real-world data during basketball games, claiming that Mavericks fans could hold tokens featuring “first quarter highlights” or events with time hit on the spot. blockchain. Others in the crypto space have experimented with similar use cases, geotagging street art and developing technology that can record and encrypt data such as temperature, air quality, and movement. to the NFTs.
“I think there will be a lot of winners [in the NFT industry]Cuban said. “Probably in the next 3-5 years you’re going to see a huge consolidation where there’s someone who was on the outside looking or someone who got bigger than we didn’t expect to get big. and they buy others to get their basic NFT and attract their customers. “
The statement apparently represents a shift in the billionaire’s stance on tech, given he said in January that ratings in the NFT space were inflated and implied his involvement was more of an experiment.