Mark Cuban says NFTs could disrupt electronic signature firms

Dallas Mavericks proprietor and Dogecoin proponent Mark Cuban says nonfungible tokens might have the flexibility to disrupt and even rework industries coping with digital id verification and electronic signatures.

In an episode of the Unchained podcast launched yesterday, Cuban said “anything documentation driven” could probably be remodeled by nonfungible tokens, or NFTs. The billionaire mentioned that sensible contracts could destabilize corporations like electronic signature technology agency DocuSign.

“Right now we see quite a bit of utilization of smart contracts for NFTs but those are really just proof of concepts for what can happen in the business world applications like insurance, legal documents,” mentioned Cuban.

Though the Dallas Mavericks proprietor mentioned the NFT business as an entire might change sure industries, his involvement was personally restricted to purchasing the issues he “likes to look at.” He’s additionally a serious investor behind {the marketplace} Mintable.

Cuban proposed utilizing NFTs with real-world knowledge at basketball video games, saying Mavericks followers could maintain tokens that includes “highlights from the first quarter” or occasions with the time minted on the blockchain. Others within the crypto house have been experimenting with comparable use instances, by geotagging street art and growing technology able to recording and encrypting data together with temperature, air high quality and movement to NFTs.

“I think there’s going to be a fair amount of winners [in the NFT industry]” mentioned Cuban. “Probably within the next 3-5 years you’re gonna see a huge consolidation where there’s somebody who was on the outside looking in or somebody who got bigger that we didn’t expect to get big and they buy up the others to get their NFT base and get their customers.”

The assertion seemingly represents a change within the billionaire’s stance on the technology, given he mentioned in January that valuations in the NFT space were inflated and implied his involvement was extra of an experiment.