Billionaire investor Mark Cuban sees a lot of promise in the future of NFTs, or nonfungible tokens. In fact, Cuban is now looking for ways to use the technology to bring in more money for his NBA team, the Dallas Mavericks.
“With the [Mavericks], we’re trying to find a good option for turning our tickets into NFTs,” Cuban said on “The Delphi Podcast” on Wednesday. “We want to be able to find ways so that not only can our consumers, our fans, buy tickets and resell them, but we continue to make a royalty on them.”
NFTs are unique digital assets, including jpegs and video clips, that are represented by code recorded on the blockchain, a decentralized digital ledger that documents transactions. Each NFT can be bought and sold, just like physical assets, but the blockchain allows for the ownership and validity of each to be tracked.
Cuban has his own personal crypto wallet, owning bitcoin, ether and other digital coins. He’s also invested in blockchain companies, like the NFT marketplace Mintable. In addition, he has bought and sold NFTs, including a Maxi Kleber dunk “moment,” which is a video clip collectible made by the NFT platform NBA Top Shot.
Recently, as the NFT market has exploded, Cuban has made it a priority to continue to find profitable business opportunities in the space. And, that includes potentially boosting the Mavericks’ ticket revenue.
For him, it’s all about “how to take NFTs and apply them to new businesses so