Mark Cuban, a Dallas Mavericks owner and spokesperson for Dogecoin, says that non-exchangeable tokens could disrupt and even transform industries that deal with digital identity verification and electronic signatures.
In an episode of the Unchained podcast published yesterday, Cuban said that “all documents” can be transformed using non-exchangeable codes, or NFTs. According to the billionaire, smart contracts can destabilize companies like the electronic signature technology company DocuSign.
“Right now, we’re seeing fairly widespread use of smart contracts for NFTs, but that’s actually just testimony to concepts of what can happen in business, such as insurance and legal documents,” Cuban said.
While the Dallas Mavericks owner said that the NFT industry as a whole could transform certain industries, his personal obligations were limited to buying things he “loves to watch”. It is also a major investor in the Mintable Marketplace.
Kubin suggested using real-time NFTs in basketball games, stating that Mavericks fans could store “Q1 Highlights” or timestamped events on the blockchain. Others in the encrypted space have experimented with similar uses, adding geotagging to street art and developing technologies capable of recording and encoding data, including temperature, air quality, and movement in NFTs.
“I think there will be a lot of winners [in the NFT industry],” Cuban said. “Maybe in the next 3-5 years, you’ll see a huge merger where there are some who were out and about and looked, or someone got bigger, which we didn’t expect, and they bought others to get the NFT base. And get your customers.”
The statement clearly marked a change in the billionaire’s attitude toward technology, given that he said in January that ratings in the NFT Room were overblown and suggested his involvement was more than an experiment.