BigONE’s View: Mark Cuban’s heavy bet on NFT

NFTs have recently made headlines due to several NFTs being sold at incredible prices and digital creators receiving big returns. However, as a regular investor, you do not need to spend millions of dollars to purchase NFTs through Christie’s. Mark Cuban, a great entrepreneur, has recently discovered numerous opportunities to invest in NFTs. What piques the interest of billionaire investors in NFTs? Continue reading as BigONE tries to investigates these reasons.

What are NFTs?

The most straightforward answer is that NFTs are digital collectibles. If you enjoy collecting sports star cards, you can now do so digitally. The same may be said for art, music, video, and so on.

To offer you a more technical explanation, NFT, also known as a non-homogeneous token or non-fungible token, is similar to a certificate that may authenticate and distinguish your goods. You can save the image to your PC or watch the video clip on YouTube for free, but if you purchase it as an NFT, it will be valuable, as you own the signed copyright to the image or video clip and will also allow creators to profit off it.

Why is Mark Cuban so excited about NFT?

In a speech on the Delphi Podcast, Mark Cuban revealed that the smart contracts featured in the NFT piqued his interest. This means that when NFTs are resold, creators can receive royalties, which Mark Cuban calls a “game-changer.”

A smart contract, also known as an auto-executing contract, is a short program stored on the Ethereum blockchain ledger. It does not require the use of an intermediary and can be carried out automatically. The collectible NFT we see now is only the tip of the iceberg regarding its various capabilities, and many more are yet to be created.

Mark Cuban used the example of a farmer who can buy insurance against specific weather events that can harm crops. If the monitor determines that these conditions have been met, the smart contract will pay the farmers automatically, with no claims or intermediaries. Mark Cuban believes that NFT collections are only getting started and that it is too soon for many individuals to draw negative conclusions.

How does Mark Cuban shine on NFT?

If you want to check which NFTs Mark Cuban owns, you can check it out through his gallery on lazy.com. This website is an NFT gallery, which showcases Mark Cuban’s latest NFT collection items. He launched the website this year to provide people with space where they can easily display their collections.

In addition to online galleries, he also invested in the following projects:

Mintable.app: A website that can make, buy and sell digital assets.

CryptoSlam: A data aggregator that can obtain market data, including NFT sales history and market rankings.

NFT42: Strive to make NFT durable and will not disappear, for example, if the third party hosting the project closes its website.

Nifty’s: In March this year, Nifty’s launched a social media platform focused on NFT

OpenSea: This is a market for NFTs and other digital goods. It has recently received US$100 million in Series B fundraising, resulting in its market value exceeding US$1.5 billion.

These companies are all trying to solve different problems and take NFT to another level.

Should you invest in NFT?

If you are a collector, NFT may be an exciting way to collect items. As you can see from the aforementioned companies, the way you buy, store, and display NFTs is constantly improving.

BigONE recommends that if you want to buy NFT, you first learn more, conduct more research, and then buy NFT once you have mastered the intricacies of NFT investments. Because investing in art or collectibles, whether tangible or digital, requires a great deal of understanding.

Buying NFT from a reputable exchange is similar to buying cryptocurrency from a reputable cryptocurrency exchange. To safeguard your valuables, you’ll need an NFT wallet. This can help to lessen the likelihood of theft and fraud. Furthermore, please keep your NFT in a secure location.