Billionaire investor Mark Cuban appeared on a recent podcast with Decentralized Finance (DeFi) blog The Defiant, where he spoke at length about how his perspective on cryptocurrencies has evolved over time as blockchain technologies have developed.
Cuban earned his fortune during the dot-com boom of the late 1990s and early 2000s. After witnessing how the internet developed during that period from a fringe novelty to a paradigm shift, he sees similar implications for blockchain technology.
Cuban said on the podcast:
“Smart contracts on blockchain remind me of the early days of the internet when people realize that there is a network effect and that with just HTML, and then some basic JavaScript, you could do a whole lot of business and create a whole lot of new businesses”
Mark Cuban and NFTs
One such blockchain development that Cuban spoke of fondly was Non-Fungible tokens (NFTs), which are mainly built on Ethereum (ETH). NFTs are unique and digitally verifiable tokens that cannot be freely swapped between one another.
They have become particularly popular in the digital art world, enabling artists to tokenize digital editions of their work. Cuban described the ability for artists to receive perpetual compensation for their work via tokenization as “game-changing.”
“If you’re a professional photographer, you should be putting your stuff [on] Rarible (an NFT marketplace),” Cuban said, “and same with music or music video, instead of it being on YouTube, put it where you can tokenize it and keep on getting paid.”
In Cuban’s mind, just as accessibility and ease of use led to the widespread use of the internet, a similar approach is what will lead to the adoption of blockchain technologies. This is why he finds Ethereum to be a better store of value than Bitcoin (BTC).
“Because as more people get into NFTs, all they’re going to know is Ethereum, and they’re all going to have to buy Ethereum in order to do it.”
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