Mark Cuban, an American billionaire focused on the basketball industry stated that crypto billionaires would start purchasing sports franchise. This he stated in an interview with breaker while discussing blockchain tech, cryptocurrency and the NBA’s new season.
Mark Cuban and Cryptocurrency
Mark Cuban, notable for his prediction of Bitcoin bubble last year before the enormous bullish trend started. He was branded a cryptocurrency skeptic, but afterward, he has invested in Ethereum, Bitcoin and also some other crypto projects such as 1confirmation, and eSports gambling startup, Unikrn, which raised about $31 million through an ICO last year.
Also, Cuban has further initiated Mavericks as one of the NBA team to start accepting payment for tickets and merchandise in cryptocurrency by the beginning of the 2018/2019 NBA season.
In the interview Cuban noted that he is a fan of blockchain technology and stated that Maverick initiated sales of the ticket in exchange for cryptocurrency is to find if there is any, a market of cryptocurrency owners willing to use it in the industry.
Further, Cuban stated that cryptocurrency billionaires purchase of sports franchise as they seek new means to invest their wealth. He also warns of high volatility if that happens.
Also, on using blockchain to tokenize athletes, Cuban noted that “it’s been tried before and blockchain does not solve the problem that killed it in the past.”
Furthermore, on the importance of blockchain technology to sports, he mentioned that it would be beneficial for personal medical records of players. Meanwhile, he advised intending cryptocurrency investors to understand that the market will continue to be volatile until there is mainstream blockchain tech and consumers have a better understanding.
Cryptocurrency, Blockchain Technology and Sports
The blockchain technology has seen wide acceptance and used since its emergence. The blockchain tech has seen the application to the many facets of the human society.
Also, cryptocurrency along with blockchain technology has seen adoption into the sports sector. As the NBA team is focusing on accepting cryptocurrency for ticket sales, UEFA has initiated match ticket issuance using blockchain tech.
Further, seven English premiership football clubs have partnered Etoro multi-asset trading platform for sponsorship which reports shows will be settled using cryptocurrency.
Also, shares of an Italian Series-C football club was settled using cryptocurrency recently, and first football player to be purchased with cryptocurrency was seen early this year.
The history of cryptocurrency, blockchain, and partnership with sport shows that further prospects are still yet to be exploited.