NFT boom: Billionaire Mark Cuban invests in NFT platform „Mintable“ – bullish for ETH?
Billionaire investor and Dallas Mavericks owner Mark Cuban is putting his money where his mouth is by investing in Mintable, an NFT platform.
The company tweeted that it was proud to now be a „Mark Cuban“ company and immediately used the opportunity to hire Financial Peak employees – which is presumably a direct result of Cuban’s investment and the increasing demand for NFTs.
Mark Cuban on blockchain and NFTs
Cuban has invested in hundreds of companies over the years. In addition, his eye for spotting trends has earned him a reputation as a shrewd businessman.
Although Cuban has only recently warmed up to Bitcoin, he has always been a big fan of Ethereum (Go to Buy Ethereum Guide). In a recent Defiant podcast, Cuban said that smart contracts are the reason why he prefers Ethereum over Bitcoin. This, he said, gives endless scope for innovation, leading to what he calls „frictionless banking“.
„ETH has an advantage over BTC as a store of value“.
When it comes to NFTs, Cuban thinks they will be a game-changer and even overtake the physical collectibles market eventually.
Speaking to CNBC, he said if he were to start a business today, it would be something related to blockchain, smart contracts and NFTs. He compares this area to the opportunities that existed in the early days of the internet.
„It’s like the early days of the internet all over again. I think [NFTs and blockchain tech will be] huge.“
NFTs continue to divide opinion, but he has no doubt they will explode in popularity (even more).
He attributes this to Zoomers or Gen Z, by which he means those born between 1997 and the early 2010s. Zoomers grew up with smartphones and the internet and, according to Cuban, consider the digital as real as the physical.
Mintable on the rise
Mintable describes itself as a next-generation NFT marketplace. The platform allows users to create ETH contracts to mint ERC-721 tokens, also known as non-fungible tokens. However, the process does not require coding or technical know-how.
Added to this is the option of „gasless minting“, which, as the name suggests, is a fee-free process of NFT minting – so there is no longer any excuse for creating your own digital art. Background: many users had recently complained about the high fees on Ethereum, which at the same time is seeing growing institutional interest.
At this time, Mintable has not revealed details about Cuban’s investment. More information is expected to come in the coming weeks.
„We’ll be announcing more about our seed round in the coming weeks, but we’re looking forward to a great 2021 for #NFTs and Mintable!“
If you’re still not convinced about NFTs – one thing’s for sure: Cuban has been right more often than wrong in his assessments so far.