Cryptocurrencies can destroy the book market — opinion of an American millionaire

Mark Cuban, the owner of the Dallas Mavericks basketball club, said that irreplaceable tokens open up huge opportunities for the book industry. The billionaire believes that NFTs can be a great substitute for textbooks. «Whether we can convince college textbook publishers to agree to replace them is another question, but the idea is that students are constantly buying new or used paper books for classes. At the end of the semester, they are faced with the question of what to do with them, how to sell them, and to whom. In the digital world, it’s ridiculous,» Cuban says.

According to the billionaire, the NFT market allows not only the student to get money for the resold book, but also the author to receive royalties, and the publisher to receive a fee. «A publisher who has published a book on the NFT platform will continue to receive money. In the case of a physical book that is sold and resold, it doesn’t work that way,» Cuban explained.

The businessman believes that the insurance industry can also benefit from cryptocurrency platforms. Cuban believes that health insurance could be much more efficient and fair if it operated in a decentralized blockchain environment. «No one likes to deal with their health insurance company. You never know if the insurance company will approve the medicines prescribed by the doctor. With the blockchain, you can create a pre-approval platform for insurance claims with thousands of validators who will be rewarded for approving or disapproving a request,» Cuban said.

In May, Rich predicted that most companies using NFTs and decentralized finance (DeFi) would leave the market, and only smart contracts that managed to unlock their potential would remain. It should be added that Cuban is a big supporter of Dogecoin. At one time, he assured the community that «the meme cryptocurrency is a more convenient and advanced means of payment than Cardano (ADA).»