Non-Fungible Tokens, [NFTs for short], are the cryptocurrency used within the media and artwork world. Each NFT is individual and unique, meaning that no files can be copied or repeated, which aids in increasing the value of the digital assets.
Pittsburgh-born billionaire, Mark Cuban, is the latest mogul to get involved in the NFT world and has done so quickly and confidently. Cuban is best known for his role as a ‘shark’ on American Entrepreneurship programme; ‘Shark Tank’, as well as for his ownership of the National Basketball Association Dallas Mavericks team. His estimated net worth is a total of $4.2billion, (£3billion) and he was ranked #177 on the 2020 Forbes 400 list. He is an occasional commentator on bitcoin; demonstrating his previous knowledge in the intellectual property market.
Sporting NFTs have been in circulation in recent months, particularly within basketball, after the NBA launched their own NFT-selling website ‘Top Shots’, that allows fans to buy and sell video highlight reels of players’ history-making, game moments. This is what caught the investor’s eye prior to his partnering with Canadian-born sports media entrepreneur Jason Falovitch. Falovitch has negotiated public appearances, TV and film deals on behalf of some of the world’s biggest sports personalities, including 5x Heavyweight Champion Boxing athlete Evander Holyfield, whom he met on a charity trip in prior years.
The partners formed together to create their media company Leverage Game Media, and subsequently poured their digital knowledge together to jump into the NFT market for sports athletes. As NFTs are essentially the 21st-century version of collectible memorabilia, Cuban and Falovitch decided to take NFTs seriously thanks to the rising value of previous sports collectibles.
Their newest creation is a digital art platform that allows users to display their NFTs and it is titled Lazy.com. The website is now live and has already seen thousands of people visit the page. The site allows users to present their digital art or collectibles as Mark wanted a single location for people to showcase their NFTs to anyone in the world, either through social biographies, email signatures or URL links.
NFTs work as digital files for JPEGs, MP3s and other forms of digital art, however, it was previously impossible to showcase them as though they were physical assets. Cuban and Falovitch’s new creation, Lazy.com, now provides people with an effortless way to show off their NFTs, with Mark saying it was needed for ‘lazy people to display their NFTs.’ Cuban has since suggested that, as cryptocurrency is like gold, in that is it supply and demand driven, and that anything can be sold via an NFT, he will be looking to create and sell NFTs of his NBA team’s merchandise. It is expected to include virtual jewellery, accessories, posters, video highlights and clothing relating to the NBA Dallas Mavericks.