21.07.2024

Billionaire Reveals The Reason For The Current Popularity Of Digital Blockchain Art

Billionaire owner of the Dallas Mavericks sports team and newly minted cryptocurrency fan Mark Cuban is joining a hot new industry trend – digital art and unique NFT tokens.

Over the past few weeks, trading volumes in such transactions have increased dramatically, and the topic itself has gone far beyond the confines of the cryptocurrency community. Cuban also began to actively promote unique digital goods on the NBA Top Shot, Rarible, Mintable and OpenSea platforms.

First, a little explanation. The niche of NFT tokens has really become popular even among people who are not familiar with the specifics of the cryptocurrency industry. This has been facilitated by celebrities who have undertaken to create their own works and the distinctive features of the blockchain.

Recall that the blockchain network is immutable and transparent. Accordingly, anyone can make sure that a certain person is a full-fledged owner of a particular job. And since the work is associated with a unique token, it cannot be faked. This insures buyers against potential problems and creates ample space for transactions.

We discussed this topic in detail in a separate article. There are examples of works for which collectors have paid a lot of money. We recommend that you familiarize yourself in order to understand almost the main trend of the niche at the moment.

mark cuban cryptocurrency

Mark Cuban’s cryptocurrency address

The benefits of blockchain art

Cuban shared his basketball card story with John Brisker, who was a player at the Pittsburgh Condors in the 70s. He then left the basketball league and became a mercenary in Uganda, where he went missing in 1978.

The billionaire admitted that the very fact of owning the card gives the collector “great joy”. Here is his remark, in which he shared his attitude to what is happening. The statement is quoted by Decrypt.

I don’t look at the card all the time. Photo of John Brisker – you can find it somewhere on the internet, there is nothing unique about it. This is not a work of art, there is also nothing special about statistics and comments on the back of the card. All of this is available on the Internet. What really matters is the ownership of the unique physical object. He is your only proof of ownership.

John Brisker basketball

John Brisker

If Cuban wanted to sell this card, he would have to go through a lengthy and arduous process: appraising the item by a professional collector, confirming its value, packing it, sending it to the buyer, and receiving payment. But if the photo of John Brisker was made in a digital version with an accompanying unique token, this whole process would be greatly simplified.

That is, this is the reason for the popularity of NFT tokens and digital art. Anyone can get a unique item in their possession, which will be owned by only a few people in the world – or even just him. In addition, everyone will know about this, and if something happens, there will be no problems with proof of ownership.

According to Mark, collectors are already realizing that the objects of their collections do not even need to be in physical embodiment. The very fact of owning something unique in the digital space makes collecting valuable. One way or another, the creator of the same card with John Brisker does not receive any profit from it, but the creators of NFT on the blockchain can earn on almost every transaction with their digital object. This is why the NFT concept could lead to a whole revolution in art and collectibles.

That being said, the NFT space may not appeal to ardent advocates of privacy. If you share the address of your wallet with unique tokens on the Internet, anyone with knowledge of the basic principles of blockchain can see the value of all your assets on this wallet. However, Kyuban himself does not care so much about this fact – he believes that the very essence of blockchains is in full transparency and decentralization.

In addition, before that, he had accidentally opened his wallet, so its contents are already known to everyone.

We believe that Mark Cuban’s point of view is correct, and the use of blockchain and NFT tokens will really change the collecting industry. Now users will be able to trade even the most unobvious things – like monkey pictures in low resolution – and for a lot of money. And since these works are unique, the turnover of the niche will clearly increase. This once again proves that the blockchain niche is at the very beginning of its development, and the options for using the technology have yet to be determined.

monkey meme blockchain

NFT-token with a monkey, for which they laid out 176 thousand dollars

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