Mark Cuban became a billionaire just before the dot-com bubble burst.
In 1995, Cuban and a buddy, Todd Wagner, began an online radio platform named Broadcast.com. Four decades later, Broadcast.com was acquired by Yahoo for $5.7 billion in stock, making Cuban a very wealthy man. Since that time, the “Shark Tank” investor and Dallas Mavericks owner has invested in hundreds of successful companies thus far.
If Cuban were to begin a business today, he would also use new technologies — he’d center the company around blockchain technology, smart contracts and NFTs, or non-fungible tokens, which reminds him of the first days of the net.
“If this was 1995 again, coming up with these kinds of applications, I’d be going nuts, ” Cuban told Justin Kan on a current episode of “The Quest” podcast. “This ‘s exactly what I’d do right now – whatever I could make electronic. “
NFTs are exceptional cryptocurrency tokens used to represent resources (such as works of digital art, music or movies). NFTs can be bought and sold, such as physical assets, but because they operate on blockchain, a decentralized digital ledger that records trades, validity and ownership of the advantage they represent can be monitored.
For example, if a founder puts an NFT-based piece of art up for sale, a buyer could buy a distinctive token that represents the advantage and can then establish ownership and credibility of the electronic artwork through blockchain.
“That is similar to the early internet days all over again, ” Cuban told Kan. “I believe [NFTs and blockchain tech is] likely to be enormous. “
Cuban has already cashed in on NFTs by auctioning digital goods online, such as a Mavs Suns Game Day Experience movie. He also possesses NFT-based digital assets, such as a “Maxi Kleber dunk Moment ” card he believes a collectible and just as precious as a physical game card. Although Cuban said he wouldn’t promote his, other electronic Maxi Kleber dip sets have sold for anywhere from $35 to as much as $800 on the NBA Top Shot website, which Cuban describes as a enormous innovation.
In addition to collectibles, Cuban forecasts that NFTs will interrupt the music and movie businesses.
“I feel that the collectible side of it will completely turn the [art], music and film business upside down, ” Cuban said.
“I’d be going to every musician I know at this time. I’d introduce myselflike I did back in the day with Broadcast.com, [to make] anything electronic. Same with movies. “
According to Cuban, this business will increase because, in his view, ” Gen Z value digital products more than anything, besides maybe a house, perhaps a car [and] their cell phone. After that, it’s digital. They’re going to honor something that’s electronic before they purchase something which ‘s physical. “
“[I] I may bring conventional art collectors into the electronic space, ” Cuban told CNBC Make It of this auction.
Growing up, Cuban often sold baseball cards and stamps, as well as the practice of doing this has helped him understand why blockchain will become more and more important, ” he said.
“Since a lot of the business is person to person, there are an assortment of different risks and costs introduced… all them are costly, time consuming, risk rising and bothersome, ” Cuban wrote at a January blog article. But with electronic goods and electronic marketplaces, “that you have all of the fun, none of those risks and the value is still determined by the exact laws of supply and demand, ” Cuban wrote.
Though of course, there are dangers related to electronic products, as fintech experts point out, the practice of buying and selling will be more efficient via blockchain, Cuban informed Kan. “This is the holy grail. “