Billionaire Mark Cuban has said that the adoption of commercial smart contracts by companies will be a new catalyst for the development of the blockchain and cryptocurrency industry.
He has compared the current market situation to the .com bubble. In the early 2000s, many of the much-touted and often similar business strategies of the internet companies collapsed. He has said:
“The crypto industry is going through a lull experienced by the Internet. After the initial surge of addictive apps, NFTs, DeFi, P2E, we are seeing a phase of imitation as networks move these apps in (as startups subsidized bandwidth and storage capacity in the 2000s).”
He thinks that blockchain projects that copy what “everyone has” will collapse. According to him, there is no need for NFT or DeFi solutions on all blockchains.
