Mark Cuban says minting his first NFT got him into crypto

Mark Cuban, a billionaire investor, has reminisced on his first moves in the cryptocurrency sector. Cuban noted that he got into crypto around a year after minting his first non-fungible token (NFT).

Cuban was speaking to the mayor of Miami, Francis Suarez, during the North American Bitcoin Conference earlier this week.

NFTs lured Cuban to crypto

Cuban revealed the one defining moment that lured him towards cryptocurrency investments.

“I always paid attention to bitcoin, the pricing, the tokens and the cryptocurrencies. But what really got me into it was, about a year ago, when I minted my first NFT.”

NFTs have become highly popular in the crypto sector. NFTs are unique digital assets. The process of minting an NFT involves converting an asset into a token found on the blockchain. This means that NFT owners can prove their ownership of the digital assets, and they can sell these assets when they want.

Cuban also added that he was attracted to the idea of earning royalties from the secondary sales of his NFTs. He noted that was a huge opportunity he did not want to miss.

“The fact that you could take a digital file – audio, video, picture, whatever – and not only mint it to sell it but also attack royalties to it, I’m like, ‘How can you do that?’ because you can’t do that with anything physical.”

Cuban noted that NFTs were “hot right now” and went beyond being a proof of concept. They represent more of what a person can do with smart contracts and decentralization.

80% of Cuban’s non-Shark Tank investments are in crypto

Cuban is one of the notable crypto bulls. The billionaire holds a cryptocurrency portfolio that comprises various digital currencies, NFTs and he has invested in many blockchain firms.

In a recent appearance at “The Problem With Jon Stewart”, Cuban said that “80% of the investments that I make that are not on Shark Tank are in or around cryptocurrencies.”  He noted that he was increasingly becoming interested in decentralized autonomous organizations (DAOs), which was where he was investing in.

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