Caricature Source: https://www.flickr.com/photos/donkeyhotey/40447462195
There was a point in time when the Billionaire Mark Cuban and his fellow 'sharks' used to diss Crypto & Bitcoin. Looks like in 2020, the whole world actually went upside down because the same people are now putting their money in various cryptocurrencies, NFTs, DeFi & more. Almost 2 years ago, he was skeptical about the technology and its inherent value. And now just have a look at his Twitter Account with 8.3 Million Followers. Notice his Bio??
He is now buying & collecting NFTs, funding crypto & blockchain startups, & even talking about DogeCoin. 😂 Earlier, he warned traders to watch out for price volatility, and now he is going bonkers about Crypto. Recently he did a podcast with CZ (Changpeng Zhao), CEO Binance where these guys discussed various sorts of crypto outlets & his various pursuits in the space.
DeFi Boom
Decentralized Finance (DeFi) is a major disruptor in the space. It's one of the most precious use-cases of Blockchain & Crypto. Offering far more favorable interest rates than the traditional financial services which Banks offer. We are at a pivotal moment in the history of the internet. DeFi Market cap is already $99.45B strong. Yield Farming, Lending & Staking protocols are getting popular among Crypto Investors.
Now passive income opportunities are easily accessible to the masses. Since there are no banks involved and no direct regulations/tax from the government, interest rates are phenomenal. With the introduction of new & profitable protocols, DeFi use cases are evolving constantly. One cannot deny the innovation that is taking place on daily basis making a strong case for Crypto.
In one of the Podcasts hosted by Camila Russo, Financial Journalist discussed DeFi & Crypto with none other than Mark Cuban. He compares the immense growth of DeFi with the early days of the internet. After all, he is not wrong about it. During that time many startups and businesses that adopted the internet saw a huge spike in their growth and a similar thing is happening in DeFi space now. One more reason why he is so bullish on Ethereum because ETH Smart Contracts made it possible for everyone to host DeFi applications in a cost-effective efficient way.
“You’re starting to see NFT (non-fungible tokens), and it’s not so much about just about how much is sold, market value, but more just that people are becoming more comfortable with it and so we’re starting to see these applications that are just popping up left and right. It reminded me so much of the early days of the internet where, in the mid-90s, people started talking about internet applications but the internet had been around for ten years.”
Source: The Defiant by Camila Russo
Cuban is currently developing a digital art gallery called Lazy.com powered by NFTs. It will help users to create galleries and their dedicated URLs which they can use to showcase their artwork. A very lazy way to do create your own art gallery on the Blockchain.
“I wanted an easy way to show my NFTs and a way to put them in my social bios, my email signature, and any place I can stick a URL,” Cuban said.
Source: The Block Crypto
Dallas Mavericks, an American professional basketball team owned by Cuban is planning to use NFTs as Tickets for their matches. They might sell NFT tickets of a few 'high rated' matches happening every season as an alternative investment source.
Cuban is now trying to find out unique ways to capitalize on this technology as he can visualize its value in the future. After changing his stance he is now advocating for Cryptocurrency & Blockchain and it's a great step towards mass adoption. We expect to see more of such U-turns in 2021 from many famous investors & corporations who have criticized bitcoin in the past.
