Mark Cuban invests in CryptoSlam!
There is always news about Mark Cuban and NFTs every week.
Shark Tank star, Dallas Mavericks owner, and a high-profile crypto fan Mark Cuban, has invested in an NFT data aggregator service named CryptoSlam through Radical Investments, his venture capital company.
Back in 2018, CryptoSlam started in Austin, Texas, when the digital collectibles fan Randy Wasinger launched the site to track the Major League Baseball Champions collectibles, Wasinger has built the site into one of the biggest NFT aggregators on the web, tracking trading metrics from around 50 different NFT projects, including NBA Tops Shot, NFT fantasy soccer game Sorare and Cryptopunks.
In an announcement on CryptoSlam’s Medium page, Cuban stated that CryptoSlam is “the industry leader in tracking transactions for NFTs,” and that its dominance “is only growing.” He continued: “I’m excited to be part of the amazing company Randy is putting together.”
A Short Primer on NFTs
NFTs are digital collectibles and artworks bought and sold on blockchains, mainly on Ethereum.
At the core of the blockchain tech is a really sturdy database. To change some values in this database, one needs to commandeer 51% of the computing power of the network. Considering that Ethereum is a global network, made up of thousands of computers, this might be impossible.
An NFT is a smart contract on the blockchain; particularly, a token that sometimes adheres to the ERC-721 standard, a template of rules governing the mining of NFTs on Ethereum.
Smart contracts on the other hand are self-enforcing financial contracts. Because of the blockchain, one can specify the scarcity of any image or collectible that has been made, whether it is one of a kind. These NFTs can be traced at online auction houses, mainly in exchange for Ethereum.
Mark Cuban and NFTs go all the way back
Mark Cuban is even more bullish on NFTs than most.
CryptoSlam is not Cuban’s first investment in the NFT industry. By the end of March it has been announced that he was one of the several contributors in a $9 million investment round for SuperRare. Early this month, Cuban has revealed that he is throwing his support behind Nifty’s an upcoming social media startup which aims to connect the people through their love of NFTs.
So that’s it, Mark Cuban is crazy about NFTs.
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