Saturday, September 23, 2023

Mark Cuban Reckons Crypto Faces The Same “Lull” As Early Internet

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Mark Cuban reckons the crypto industry faces the same “Lull” as the early internet back in the early 2000s so let’s read more about it in our latest crypto news.

The Billionaire and owner of Dallas Mavericks Mark Cuban reckon the crypto industry and its current state is the same one as the dot-com bubble of the early 2000s. He tweeted:

“Crypto is going through the lull that the internet went through.”

According to Cuban, after the initial surge of the blockchain applications in DEFI and the excitement around NFTs, there’s a limitation phase as chains subsidized the movement of those apps to the chains Cuban noted. He compared this phenomenon to the items when the same hype occurred around the dot-com companies that eventually collapsed. Cuban whose net worth is about $4.7 billion, built his wealth in the 1990s with the sale of the computer consulting firm MicroSolutions. Another company dubbed was acquired by Yahoo for $5.7 billion in stocks before getting discontinued. In the past few years, the billionaire was investing in the crypto space with projects like SuperRare, CryptoSlam, and OpenSea making part of his portfolio.

It’s not all gloom for Cuban as he still sees a lot of room for advancements if this involves commercial smart contract platforms that replaced software as a service:

“What we have not seen is the use of smart contracts to improve business productivity and profitability. That will have to be the next driver.”

He added:

“The chains that copy what everyone else has, will fail. We don’t need NFTs or DeFi on every chain. We don’t need bridges to move NFTs between chains (does this make it fungible?). We need smart contract apps replacing SAAS apps.”

The billionaire’s comments came as the broader market is experiencing a huge drop with the price of BTC crashing below $30,000 for the first time since July 2021.

As earlier reported, Instagram banned Mark Cuban-backed NFT account amid controversies of posting sponsored content without proper disclosure. The @NFT Instagram account was accused of posting content without the proper disclosure so Instagram banned Mark Cuban-related account. The account boasted 1.7 million followers and a blue verified checkmark whcih became a subject of a viral Twitter thread and accused the account of posting sponsored content while advertising NFT collections without disclosing the posts as ads.

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