The article in the url below is an interesting discussion about the technology underpinning NFTs and cryptocurrencies (i.e., blockchain). In particular, it quotes Mark Cuban (entrepreneur and owner of the Dallas Mavericks NBA team) on how the technology is only just beginning to reach its potential as people become aware of its broader application. One passage, in particular, caught my attention:
"Mr. Cuban then notes, 'But these are just proof of concepts. Not the end game.' I quickly emailed back, 'OK, I get that. Like what?' The floodgates opened. 'NFTs are just one application of smart contracts. Think about textbooks being NFTs. You buy it. Use it. Easily resell it. Publishers get royalty on each sale.'"
He continues:
"'Think how stocks work right now. Most people think they own the stock. They own the right to the stock. It's held in street name. It gets lent out to shorts and they don't collect the [interest] on the borrow. And then of course there is front running and payment for order flow and the fact that a share of stock doesn't truly convey the holder any real ownership rights. If every share or block of shares was an NFT then it all would be transparent.'"
Take care
David
David Chandler
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Mark Cuban Knows Crypto
By Andy Kessler
May 24, 2021
The Wall Street Journal
Late Edition – Final
A17
