American billionaire investor, Mark Cuban has for some time shown keen interest in NFTs. Cuban recently increased his NFT investment portfolio by taking part in a fundraising initiative for Ethereum-based NFT gaming platform, Axie Infinity.
With an investment portfolio that cuts across sports and the media, billionaire Cuban has fallen in love with crypto, especially NFTs. Together with fellow billionaire Elon Musk, Cuban has played a big part in turning DogeCoin into a cryptocurrency with which many people now reckon. Before these two billionaires threw their weight behind the coin, DogeCoin was at best a joke. All that has changed as DogeCoin has grown to become a project of more than $50 billion market capitalisation as at the time of writing. Now Cuban’s focus seems to be on NFTs.
What Are NFTs?
Non-fungible tokens are a form of cryptocurrencies, but unlike traditional cryptos like Ethereum’s ETH and Binance’s BNB, NFTs are not fungible. Fungibility refers to the ability of a token to be non-differentiable from its fellow token minted by the same contract. Such fungible tokens can therefore be interchanged and exchanged between two parties.
On the other hand, non-fungible tokens have unique blockchain identities. One NFT is never exactly like another NFT. This uniqueness on the blockchain is what makes NFTs easily adaptable for use in enforcing copyright, proof of ownership, and digital identity. Digital artworks, digital tickets for events, and blockchain-based games are some of the many use-cases of NFTs. Most of the NFTs we have today were built using Ethereum’s ERC-721 and ERC-1155 standards.
Chronicles of Mark Cuban’s NFT Investments
Before he ventured into Axie Infinity, Cuban had made notable investments in the NFT sector. These include,
1. Mintable: Early in March 2020, Mintable announced Cuban’s investment in the platform. Mintable is a platform that provides a marketplace for users to buy and sell NFTs. Mintable also has a feature that enables users to mint NFTs of their own from artworks, videos and music etc.
Mark Cuban’s investment is significant enough that Mintable is listed as one of Mark Cuban’s numerous companies.
2. CryptoSlam: Through his venture capital (VC) Radical Investments, Mark Cuban acquired a strategic stake in NFT data tracker and aggregator, CryptoSlam.
Cuban equally invested in another NFT marketplace for artworks, SuperRare, and also backed social media NFT platform, Nifty’s. Mark Cuban is not only about investing in NFTs; he also has a personal growing collection of NFTs, some of which can be seen here.
Cuban’s Latest NFT Investment: Axie Infinity
The billionaire investor has set his eyes on the NFT-gaming industry. Ethereum-based NFT gaming platform, Axie Infinity, recently went on fundraising in a bid to scale up the platform to serve up to ‘billions of users’. Guess what name that featured prominently in the list of participants?: Mark Cuban, of course.
Sky Mavis, the blockchain startup that developed Axie Infinity, received about $7.5 million from a list of investors that include Mark Cuban, Libertus Capital, and Reddit founder — Alexis Ohanian.
An elated Mark Cuban had this to say about his latest NFT interest:
“I think Axie is an amazing platform. It’s fun and engaging. It’s a game you want to play for hours on end. Add the Axie economy, and you have something special. I’m excited to be part of it
In recent times, hardly a fortnight passes without some news of Mark Cuban’s involvement in the NFT-space. As an impact investor with his own personal NFT collection, Cuban is steadily growing his investment portfolio in the area of NFTs. He is part of an ever-growing list of prominent individuals and institutional investors who have picked interest in NFTs and cryptocurrencies in general.
Source : bsc.news
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