Dallas Mavericks owner and a ‘shark’ on SharkTank, Mark Cuban has asserted that NFTs (Non-fungible tokens) may have the means to transform industries dealing with digital identity verification and electronic signatures.
Speaking on an episode of Unchained Podcast, Cuban said “anything documentation driven” could potentially be transformed by NFTs. The billionaire believed that smart contracts could destabilize companies like electronic signature technology firm 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.”
He also proposed the involvement of NFTs with real-world data at basketball games, saying that Mavericks Fans could hold tokens having “highlights from the first quarter” or events with the time minted on the blockchain. This space has seen several use cases in the past like geotagging street art, technology capable of recording and encrypting data including temperature, air quality and motion to NFTs.
This statement portrays a change in the billionaire’s stance towards NFTs since previously he found them to be inflated and implied his involvement as more of an experiment. The market has clearly evolved since then for him to see the more practical aspects of NFT’s that could disrupt whole industries now.