The cryptocurrency industry has had a serious struggle this year. Many cryptocurrencies are down 80-90 percent from their all-time highs. But that’s not what worries billionaire investor and Shark Tank juror Mark Cuban. Here are the details…
Mark Cuban finds innovation in cryptocurrencies insufficient
Speaking to Altcoin Daily, Cuban said that he is still bullish on the cryptocurrency issue. However, he wants to see new ideas and the emergence of the next big thing that will bring a new wave of crypto interest. “We went from DeFi to collectibles (NFT) but now what?” said. “What worries me is the lack of what’s next,” he said. Cuban points out how crypto has evolved in recent years. It says DeFi summer comes first, followed by NFTs. Each brought more people, increased interest, and new investor money. The problem is that projects now play on the fringes. It imitates previous successes rather than creating something new. Cuban used the following statements:
You prefer to reproduce rather than see real innovation. That won’t be enough to get people back to crypto. What will move crypto forward is something that simply requires you to use it. Crypto isn’t something your grandma, your little brother, your little sister has to use yet.
What is Mark Cuban looking for in a crypto project?
Evaluating cryptocurrency projects can be difficult. But an important component is to consider how crypto will generate revenue. Just because it’s a cryptocurrency doesn’t make it something that works automatically. Cuban uses the following expressions:
What I think people sometimes fail to understand about crypto is that you need users to buy and use Ethereum (ETH) or whatever.
At this point, Cuban praised the Bitcoin (BTC), Dogecoin (DOGE) and Ethereum (ETH) chains. “For me, this is the secret to success,” he says, referring specifically to the number of transactions on Ethereum. Cuban says that in terms of play-to-win, another crypto trend that exploded in 2021, people should use the tokens outside of the game itself or some other source of income. The crypto guru says you’re in trouble if you don’t have a way to generate income other than the tokens of your play-to-win game.
As a result, what will happen now?
DeFi, NFTs, and cryptos in general were very popular last year, as we reported on Kriptokoin.com. Now this madness seems to be over. But many crypto enthusiasts like Cuban still see long-term potential for the industry. Cuban’s advice on benefits and income generation is valued. There’s a lot we don’t know about how the industry will evolve. But if a project can’t sustain itself, it’s hard to see how it will survive in the long run.
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