The adoption of commercial smart contracts by companies will be a new catalyst for the development of the blockchain and cryptocurrency industry. This opinion was expressed by billionaire Mark Cuban.
He compared the current market situation to the dot-com bubble. In the early 2000s, many of the much-touted and often similar business strategies of the internet companies collapsed.
Crypto is going through the lull that the internet went through. After the initial surge of exciting apps, NFTs, DeFi, P2E, we saw the imitation phase as chains subsidized the movement of those apps to their chains (ala bandwidth and storage subsidies by startups in the 2000s)
— Mark Cuban (@mcuban) May 9, 2022
“The crypto industry is going through a lull experienced by the internet. After an initial burst of exciting appsNFT, DeFi, P2Ewe see a phase of imitation when networks move these applications to themselves (as startups in the 2000s subsidized bandwidth and storage capacity),” Cuban said.
In his opinion, blockchain projects that copy what “everyone has” will collapse. There is no need for NFT or DeFi solutions on all blockchains, the entrepreneur added.
He believes that commercial-oriented smart contract platforms that can replace applications will be successful. SaaS.
What we have not seen is the use of Smart Contracts to improve business productivity and profitability. That will have to be the next driver. When business can use Smart Contracts to gain a competitive advantage, they will. The chains that realize this will survive.
— Mark Cuban (@mcuban) May 9, 2022
“What we don’t see is the use of smart contracts to increase business productivity and profitability. This should be the next driver. When companies can use smart contracts to gain a competitive advantage, they will. The networks that implement this will survive,” Cuban said.
In October 2021 he recommended to new investors pay attention to the largest Ethereum smart contract platform. Before this billionaire criticized rival network Cardano.
Recall that in February, Cuban advised to focus on the value proposition when investing in crypto assets and weeding out projects around which there is “a lot of noise and little benefit.”
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