The fact that NFTs bring authenticity to an industry which battles counterfeit and copyright infringements, makes the technology a value-packed innovation.
American billionaire investor Mark Cuban has shared his views about Non-Fungible Tokens (NFTs), a growing discovery in today’s world of blockchain technology. Speaking with CNBC Make It, Cuban believes the discovery of the uniqueness of the new blockchain use case is ushering in some unique situations.
It’s “like the early days of all-new tech, the excitement sometimes creates some unique situations.” NFTs are special digital items whose identity, and authenticity are registered on the blockchain. There can only be one NFT per time and it is always immutable, a characteristic that makes them very rare.
Non-fungible tokens are revolutionizing the value of converted works of art with auction prices of these items rising over the roof. Recently, a $67,000 NFT-based video clip created by artist Mike Winkelmann, who is known as Beeple, was sold for a record $6.6 million. Similar trades like this are not uncommon in the NFT multiverse of today.
Mark Cuban, who himself is a fan of the technology and has cashed in on the trend believes that “as more entrants come into the [NFT] market, it will become more efficient and the pricing will settle down”.
Additionally, Cuban is bullish on blockchain technology, and smart contracts, the major components helping to redefine the next generation of finance. The fact that NFTs bring authenticity to an industry which battles counterfeit and copyright infringements, makes the technology a value-packed innovation.
“The tech is real,” Cuban says. “The impact is real, and permanent.” Like Cuban, observers in the crypto space believe NFTs will get into the mainstream in the coming months, the same way decentralized finance (DeFi) platforms saw a resurgence in 2020.
Innovations in the entire world of blockchain are spreading like wildfire, new discoveries are being made on a daily basis, and with the rate of embrace, almost every aspect of human life in the coming years will have a touch of blockchain technology or its associated creations in it.
For Mark Cuban though, NFTs will disrupt the art, music and movie industries in particular.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.