Billionaire Mark Cuban reveals the biggest crypto opportunities he’s most excited about
Shark Tank investor Mark Cuban says he has his eye on several opportunities that he believes could be the next big thing for the crypto industry.
In a new interview with Forbes, Cuban says that non-fungible tokens (NFTs) represent a huge opportunity in the book business.
“NFTs like books, I’m thinking specifically of textbooks. Whether or not we can get the school textbook publishers to follow through is another matter, but the idea of kids buying books for their classes… The whole process of buying books.
First, do you want new or used? Then you lug those books back, and at the end of the semester—because they’re only good for the time you’re in class—you make the decision: ‘Yeah, I’m going to sell it. How do I sell it? Do I send it? Should I take it to the bookstore? It just hurts, and in a digital world it’s ridiculous.
With those like NFTs, the NFTs allow you to use royalties so that when that book is resold, the author and the publisher and everyone else involved can get a flat royalty fee. This means that the publishers who made the book can continue to get paid, whereas when there is a physical book that is sold and resold, they have to hope that the book falls apart so they can sell a new one. So I think it’s a great application.”
The billionaire says the insurance industry could also benefit from a crypto-oriented platform. According to Cuban, health insurance can be much more efficient and honest if it operates in a decentralized blockchain environment that uses two entities for checks and balances.
“I’m thinking about insurance, being able to buy insurance in a simple way… In terms of home-run type applications, in more complicated things that take longer to develop, I’m thinking about things like health insurance. The whole process of getting a claim pre-approved or post-approved is terrible. No one likes to deal with their health insurance company. First of all, for pre-approval, you never know if you will be pre-approved or not…
Here it’s like: ‘Okay, I have this need. The doctor prescribes it for me, but I can’t afford to pay it out of pocket, so what should I do if my insurance company doesn’t approve it?
Well, with crypto you can reinvent how insurance claims are pre-approved or approved by creating an environment where you have a thousand validators. There 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 disapprove a claim. The optimistic summary side of it, the challengers will say ‘You didn’t approve this, but not for the right reason. Your tutorial says you should have approved it. I challenge it, so anything you bet that you put up to get paid for, I get it.’
It keeps it honest. It’s just a crypto method to keep things honest. So that kind of application has scale, it has impact and it’s better in a decentralized, broad and flat organization than a vertically integrated company.”
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
