Mark Cuban highlights NFT prospects in the book industry

Billionaire Mark Cuban, in an interview with Forbes, discussed the potential of non-fungible tokens (NFTs) in the book industry.

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According to him, schoolchildren and students routinely buy new or used textbooks. At the end of the course they face a dilemma.

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“You make the decision: yes, I’m going to sell them [textbooks]. How should I sell them? Should I ship them? Or take them to a bookstore? It’s just a headache in the digital world,” Cuban said.

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The NFT market will not only allow students to recover the money spent on textbooks, or at least part of it, but also let authors and publishers take a share of secondary sales. This is impossible with physical books, he added.

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Cuban believes that NFT technology will also make the insurance industry more efficient and fair. The blockchain will enable a pre-approval platform for insurance claims with thousands of validators, he explained. The validators will be rewarded for their work.

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Earlier, Microsoft founder Bill Gates doubted the value of NFTs and called them a scam, “based on the greater fool theory.”

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In September, Meta opened access to NFT-related features for all users of Instagram and Facebook in the United States.

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Metaverse-focused company MyMetaverse integrated NFTs on its own game servers for Minecraft and Grand Theft Auto 5.

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