NFT’s will disrupt the electronic signature technology as we know it, according to Mark Cuban

In an episode of the Unchained podcast that was released on Wednesday, Dallas Mavericks owner and Dogecoin’ maximalist Mark Cuban said that nonfungible tokens (NFT) have the ability to disrupt and transform the entire industry dealing with digital identity verification and electronic signatures.

According to the billionaire-owner, smart contracts could destabilize companies like electronic signature technology firm DocuSign, as “anything documentation driven” has the potential to be altered by NFT’s.

“Right now, we see quite a bit of utilization of smart contracts for NFT’s but those are really just proof of concepts for what can happen in the business world applications like insurance, legal documents,” Cuban said.

Cuban himself said that his personal involvement in NFT is limited to buying the things he “likes to look at.” Nonetheless he is a major investor behind the marketplace Mintable.

Cuban believes NFT’s offer a wide range of possibilities and spoke about for example using NFT’s with real-world data at basketball games, offering (Mavericks) fans tokens that feature game highlights with the date and time minted on the blockchain. He mentioned purchasing tickets in the form of an NFT with content unlocking during the game.

There has already been quite some experimentation in the crypto industry with similar use cases. The geotagging of street art is a reality and technology is being developed that allows the recording and encryption of data such as temperature, air quality, motion into NFT’s. 

“I think there’s going to be a fair amount of winners, “Cuban said. “Probably within the nextthree to five years you’re gonna see a huge consolidation where there’s somebody who was on the outside looking in or somebody who got bigger that we didn’t expect to get big and they buy up the others to get their NFT base and get their customers.”

In the podcast, Cuban not only spoke about his “Mavericks” and shared his views on a wide range of developments in the cryptocurrency industry. He spoke about why he thinks Ethereum is a better store of value than Bitcoin and went deeper on proof of stake mining. He spoke about decentralized finance (DeFI) and the effects on traditional banking and even discussed how in his views Central Bank Digital Currency (CBDC) make “perfect sense”.