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Mark Cuban is well-known for his appearances on Shark Tank, entrepreneurial ventures in the tech industry, and ownership of the Dallas Mavericks. The savvy billionaire has recently dipped his toes into the NFT world, heightening the myth surrounding Non-Fungible Tokens. First created in 2014, NFT’s have had a meteoric rise to fame in pop culture and the business world alike, leading us to wonder what makes NFT’s so unique and why Mark Cuban is so interested in them.
How Mark Cuban is using NFT’s for marketing
Mark Cuban and the Dallas Mavericks have been incentivizing fans to attend games by offering NFT’s at each game. The Mavericks even have their own unique website to show off their NFT’s. The “Mavs” NFT’s come with the ticket, but the catch is that fans must scan their ticket at the stadium by the end of the first quarter to receive it.
According to Mark Cuban, the project’s purpose is to reward fans attending the game with a unique NFT that commemorates the game that they went to. “Let’s say Luka has a 30 assist game. There are going to be 500,000 people that say they were there, right? But the reality is, the people that are actually there and scan in are the ones that are going to get the NFT commemorating that game. And we’ll do something special for anything that happens in that game and the fan can hold it as a collectible, or they can sell it somewhere else. We want it to be a value add for all Mavs fans that go to games,” said Mark Cuban in an interview with Forty Eight Minutes.
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Given how Cuban’s reputation, it comes as no surprise that his NFT involvement doesn’t stop at the Mavericks. He’s recently launched a new project named Lazy.com, which allows users to share their NFT collection to social media via connecting their wallets to the platform.
Cuban stated that his goal is to simplify the process for users to showcase their digital NFT art and collectibles. Put best by the website’s motto, it’s “the lazy way to show off your NFT’s.” Considering the massive hype train powering NFT’s rise to internet fame that prompts athletes like Steph Curry and rappers like Lil Baby to flex their Bored Ape NFT’s, the demand for a platform like Lazy.com is undoubtedly there.
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Looking at Cuban’s already extensive involvement in the NFT Space, there’s no doubt that he will continue to stake his claim to the quickly growing market. His fame will continue to earn publicity for his NFT ventures and vice versa, a clever marketing play from Cuban.
What does Cuban’s use of NFT’s mean?
As mentioned earlier, Mark Cuban is only a part of the ongoing NFT craze. From Gary Vee to Shawn Mendes to Logan Paul, many celebrities and influencers have jumped at the opportunity to get involved with NFT’s. Cuban’s involvement is interesting because he isn’t typically categorized with social media stars and influencers like Gary Vee and Logan Paul.
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Not sure what makes Cuban different? Read about how Logan Paul and other influencers are using NFTs here.
Cuban’s unique use of NFT’s to enhance his business ventures may soon influence other forward-thinking entrepreneurs to follow suit. Teams like the Charlotte Hornets and Golden State Warriors have already launched projects, leading us to believe other NBA and professional sports teams are close behind. Impressively, the Utah Jazz’s NFT release sold out 90 minutes after its first launch.
Other Professional sports team’s getting involved with NFT’s include
- FC Barcelona
- LA Dodgers
- Manchester United
As a result of Cuban’s innovative use of NFT’s as a marketing play, we will likely see other companies copy his moves. Minting NFT’s costs very little, and distributing them is easy thanks to the digital era, so incentivizing attendance with NFT’s is a fantastic idea. Beyond just sports games, this concept could be extended to anything: concerts, restaurant rewards programs, perhaps even as a form of compensation similar to how companies pay their employees with stock.
While the support and unique ways people use NFTs are certainly exciting, like all things, there’s also another side to the story. NFT’s have been harshly criticized for their negative impact on the environment. While reliable data and studies remain sparse, it’s a known fact that most NFTs are purchased with Ethereum, which has a Carbon footprint similar to that of Hungary.
On the flip side, NFTs have benefitted creatives in an unprecedented way. Artists like Beeple can sell their work for millions of dollars (in the case of Beeple, $69 million). Additionally, Digital art helps connect the artists to their audience without the hassle of art brokers and galleries. So while the criticisms of NFTs are valid, it’s undeniable that NFT’s have opened new opportunities and made a career in the arts more lucrative than ever.
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Are NFT’s here to stay?
To the average viewer, it may seem that NFT’s are just another fad, simply another thing for millionaires and billionaires to spend their money on. However, Cuban and other businesses’ use of NFT’s suggests a promising future for NFT’s. Similar skepticism surrounded cryptocurrency, and look where we are today.
There certainly could be a bubble around NFT’s and cryptocurrency due to their immense popularity; however, many benefits support their popularity. What may be telling about the future of NFT’s are current and impending government regulations, which may affect the flexibility and ease of use that digital art and cryptocurrency provide.
Nevertheless, insiders and experts remain optimistic, and with giants like Mark Cuban getting involved, the future of the Non-Fungible Token remains bright.