Mark Cuban: Smart Contracts’ Commercial Use Would Be The Driving Force For Crypto Sphere

Mark Cuban recently expressed his views regarding smart contracts’ commercial utilization and their potential.

We have not seen the utilization of smart contracts to enhance business profitability and productivity highlights the prominent entrepreneur.

Although the crypto market has seen a bearish trend lately, Cuban is quite optimistic about commercial smart contract adoption’s role in the space.

Mark Cuban, the billionaire investor, has backed the commercial smart contract adoption to be the next motivation to drive the blockchain and cryptocurrency sector.

This crypto advocate was commenting on the present state of the crypto sector compared to the internet in the initial 2000s when Web2 witnessed massive hype.

The crypto market is not performing greatly lately, and roughly the top hundred digital assets have witnessed considerable losses over the last week. And there is a possibility of several reasons behind this bearish trend. For instance, the Federal Reserve’s recent policy updates.

Though the Dallas Mavericks owner also directed toward the current imitation phase contrary to the genuine innovation. He highlighted that crypto is going through a lull which the internet also went through.

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

Cuban opines that the blockchain projects that wholly copy what everyone else has by bridging over NFTs to DeFi protocols would end eventually. He further highlights that they are not needed on every chain.

However, he seems to be quite optimistic that the smart contract platforms focusing on commercial utilization and replacing software-as-a-service platforms would be the striving one.

He signified that what we have not seen is the utilization of smart contracts to enhance business profitability and productivity. That would have to be the next driver. When businesses will be able to use smart contracts to gain a competitive advantage, they will. And that the chain that realizes will survive.

If we talk about the institutional backing of smart contracts platforms, Coinshares’ crypto funds report 2021 highlights that Ether (ETH), Solana (SOL), Cardano (ADA), and Polkadot (DOT) were the choice at priority for the significant hitters in 2021.

Source: https://www.thecoinrepublic.com/2022/05/10/mark-cuban-smart-contracts-commercial-use-would-be-the-driving-force-for-crypto-sphere-2/