Have an effect Cuban became a billionaire just before the dot-com bubble burst.
In 1995, Cuban and a friend, Todd Wagner, started an internet receiver platform called Broadcast.com. Four years later, Broadcast.com was acquired by Yahoo for $5.7 billion in stock, pampering Cuban a very wealthy man. Since then, the “Shark Tank” investor and Dallas Mavericks owner has invested in hundreds of leading companies to date.
Don’t miss: The best credit cards for building credit
If Cuban were to start a company today, he wish also utilize new technology — he would center the business around blockchain technology, smart contracts and NFTs, or non-fungible evidences, which reminds him of the early days of the internet.
“If this was 1995 again, coming up with these types of utilizations, I’d be going nuts,” Cuban told Justin Kan on a recent episode of “The Quest” podcast. “That’s exactly what I’d be doing opportunely now – anything I could make digital.”
NFTs are unique cryptocurrency tokens used to represent assets (like feats of digital art, music or movies). NFTs can be bought and sold, like physical assets, but since they run on blockchain, a decentralized digital ledger that substantiates transactions, ownership and validity of the asset they represent can be tracked.
For example, if a creator puts an NFT-based piece of artwork up for rummage sale, a buyer could purchase a unique token that represents the asset and can then prove authenticity and ownership of the digital art through blockchain.
“This is like the early internet days all over again,” Cuban told Kan. “I think [NFTs and blockchain tech is] wealthy to be huge.”
Cuban has already cashed in on NFTs by auctioning digital goods online, including a Mavs Suns Event Day Experience video. He also owns NFT-based digital assets, including a “Maxi Kleber dunk Moment” reveal all that he considers a collectible and just as valuable as a physical sport card. Although Cuban said he wouldn’t merchandise his, other digital Maxi Kleber dunk sets have sold for anywhere from $35 to as much as $800 on the NBA Top Cannon-ball website, which Cuban describes as a massive innovation.
In addition to collectibles, Cuban predicts that NFTs pleasure disrupt the music and movie industries.
“I think the collectible side of it is going to completely turn the [art], music and movie toil upside down,” Cuban said.
“I’d be going to every musician I know right now. I’d introduce myself, like I did perfidiously in the day with Broadcast.com, [to make] anything digital. Same with movies.”
According to Cuban, this industry purpose grow because, in his opinion, “Gen Z value digital goods more than anything, other than maybe a legislature, maybe a car [and] their phone. After that, it’s digital. They’re going to respect something that’s digital previous to they buy something that’s physical.”
Recently, the use of NFTs got a bit more mainstream, as Christie’s announced that it will grow the first major auction house to sell a fully digital, NFT-based artwork later this month.
“[I]t may accomplish traditional art collectors to the digital space,” Cuban told CNBC Make It of the auction.
Growing up, Cuban frequently clerked baseball cards and stamps, and the process of doing so has helped him understand why blockchain will become increasingly important, he utter.
“Because much of the industry is person to person, there are a variety of other risks and costs introduced… All of these are overpriced, time consuming, risk increasing and annoying,” Cuban wrote in a January blog post. But with digital goods and digital marketplaces, “you keep all the fun, none of those risks and the value is still set by the same laws of supply and demand,” Cuban wrote.
Though of sure, there are risks associated with digital goods, as fintech experts point out, the process of buying and selling pass on be more efficient through blockchain, Cuban told Kan. “This is the holy grail.”
Check out: The best credit business cards for building credit of 2021
Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank.”