The owner of the basketball club “Dallas Mavericks” believes that the majority of companies using NFT and DeFi will leave the market, and only those that have unlocked the potential of smart contracts will remain.
Mark Cuban declared on Twitter that smart contracts will be the next driver of the cryptocurrency market. The billionaire is confident that smart contract platforms that target commercial use and replace software-as-a-service (SaaS) applications will flourish in the long term:
“What we haven’t seen is the use of smart contracts to increase business productivity and profitability. It should be the next driver. When businesses can use smart contracts to gain a competitive advantage, they will succeed. Projects that recognize this will survive.”
The businessman believes that now the cryptocurrency market is experiencing a lull, which can be compared to the bubble formed due to the activities of Internet companies during the so-called “dot-com crisis” in the early 2000s. Then many advertised companies with relatively similar products and services went bankrupt. The top 100 cryptocurrencies have seen double-digit losses over the past seven days, and this has caused negative sentiment among investors.
Cuban believes that along with the bearish sentiment associated with the tightening of the policy of the US Federal Reserve (Fed), the fall of the cryptocurrency market is associated with the current “imitation phase” in the crypto market:
“Cryptocurrency is experiencing the lull that the Internet has experienced.”
According to Cuban, blockchain projects that simply “copy what everyone has” by pairing non-fungible tokens (NFTs) with decentralized finance (DeFi) protocols will eventually disappear as they are not required for every blockchain.
At the same time, Ava Labs CEO John Wu believes that GameFi is gaining popularity due to the symbiosis of DeFi and NFT. The top manager sees the prospect of these technologies in lending game items.
Source: Bits
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