According to Cuban, non-fungible tokens allow authors to apply royalties so that when their books are resold.
During a recent interview, Mark Cuban assured us that NFTs represent a great opportunity for the book industry.
According to Cuban, non-fungible tokens allow authors to apply royalties so that when their books are resold, the author, publisher, and anyone else involved can get a flat royalty rate.
“NFTs like books, I think particularly for textbooks. Now, whether or not we can get college textbook publishers to agree is another question, but the idea is to get kids to buy books for classes.”
For Cuban, by marketing the books as NFTs, the publishers who created the book can continue to be paid, whereas when there is a physical book that is sold and resold, they have to wait for the book to fall apart so they can sell a new one.
Insurance and Health Industry Could Benefit from NFTs
In his interview with Forbes, the billionaire also assured us that the insurance industry could benefit from a cryptocurrency-oriented platform. According to Mark Cuban, health insurance could be much more efficient and honest if it operates in a decentralized Blockchain environment, which uses two entities to check and balance.
“The whole process of getting a claim pre-approved or post-approved is horrible. Nobody likes dealing with their health insurance company. First of all, for pre-approval, you never know if you will get it or not. […] Cryptography could reinvent how insurance claims are pre-approved or disapproved by creating an environment where you have a thousand validators. Here are different types of optimistic rollups where you have validators and challengers.
So you can train people to be a validator, and pay them every time they validate, approve, or don’t approve a claim. The optimistic rollup side of it, the challengers will say that you didn’t approve this, but not for the right reason. Your training says you should have approved it. I’m challenging it so anything you’re staking that you put up to get paid for that, I get. ”
Cuban said that technology could help communicate data and information to all parties in the health industry in an effective and transparent manner.
Cuban and His Indecision against the Crypto World
Despite these recent claims, Mark Cuban can’t seem to make up his mind about cryptocurrencies. Last September, he expressed that he thinks digital assets are boring.
During his speech at the Code 2022 conference, Cuban said that, in his opinion, the space is boring and will remain boring for quite some time.
“Just like in the early days of the Internet, we navigate with the Internet. It’s all boring, right? Because we haven’t seen anything new […] it really took mobile devices to come along to really push it forward. And we don’t have that right now for crypto, so it’s kind of boring.”
But this is not all. In an opportunity in 2019, the billionaire said in an interview with Wired, that when choosing between Bitcoin and bananas, he would choose bananas because they are more useful.
Anyway, the Shark Tank investor believes that non-fungible tokens and decentralized finance have something to offer, and other developments in the space could even emerge. He insists that he is still “very interested” and will continue to invest.
By Audy Castaneda
