Sunday, July 21, 2024

Commercial smart contract adoption next market driver: Mark Cuban


Billionaire investor Mark Cuban has tipped business smart contract adoption because the next catalyst to drive the crypto and blockchain sector.

The Dallas Mavericks proprietor and crypto proponent was commenting on the present “lull” state of the crypto market compared to the web or dot com bubble within the early 2000s, which noticed a whole lot of over-hyped and comparatively related firms collapse.

The crypto market is portray a reasonably grim image of late with practically all the prime 100 digital property going through double-digit losses over the previous seven days.

There are prone to be a number of components behind the bearish sentiments, such because the Federal Reserve’s current coverage updates. Nonetheless, on Twitter earlier right this moment Cuban additionally pointed to a present “imitation part” in crypto/blockchain versus real innovation.

Crypto goes via the lull that the web went via,” he stated.

In Cuban’s view, the blockchain tasks that purely “copy what everybody else has” by bridging over NFTs to DeFi protocols will die out ultimately, as he argues that they don’t seem to be required on each chain.

As a substitute, he opined that smart contract platforms geared in direction of business utilization and changing software program as a service (SAAS) apps will thrive long run:

“What we’ve not seen is using Smart Contracts to enhance enterprise productiveness and profitability. That should be the next driver. When companies can use Smart Contracts to realize a aggressive benefit, they may. The chains that understand this can survive.”

By way of current institutional backing of smart contract platforms, CoinShares’ crypto funds report for all of 2021 reveals that Ether (ETH), Solana (SOL), Polkadot (DOT), and Cardano (ADA) had been the choices of selection for the heavy hitters final yr.

Associated: Mark Cuban proposes utilizing Dogecoin to unravel Twitter’s crypto advert downside

In keeping with the report, funds providing publicity to ETH had been the resounding favourite, garnering a whopping $1.38 billion, next in line had been Solana funds at $219 million, Polkadot merchandise generated $116 million, and Cardano funds additionally pulled in $115 million.