Dallas Mavericks owner and investor Mark Cuban recently said that most of his investments are focused on and around cryptocurrencies. He said that 80% of the non- "Shark Tank"-related investments are focused on crypto.
In a new interview, Cuban spoke about what he thinks would be the next big thing for the crypto industry.
According to him, non-fungible tokens (NFTs) present a massive opportunity in the book industry.
"NFTs as books, I think particularly for textbooks. Whether or not we can get the college textbook publishers to go along is another issue, but the idea of kids buying books for classes… The whole process of buying books," Cuban said.
Further, elaborating on the opportunity in this sector, Cuban said, "The NFTs allow you to apply royalties so that when that book is resold, the author and the publisher and whoever else is involved can get a set royalty fee. So, that means that the publishers who created the book can keep on getting paid. So, I think that's a great application."
In August, the publishing house Pearson (LON:PSON) announced plans to use NFTs to track digital textbook sales to capture revenue lost on the secondary market.
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Similarly, Time magazine is already using NFTs to create new revenue streams and a sense of community within the publishing industry.
There is another industry that Cuban thinks could also benefit from a crypto-oriented platform.
Cuban said that the health insurance sector could be much more efficient if it operated in a decentralized blockchain environment.
"With crypto, you could reinvent how insurance claims are pre-approved or approved by creating an environment where you have a thousand validators. There are different optimistic rollups where you have validators and challengers," he said.
Last month, the World Economic Forum mentioned that blockchain technology is under-utilized in the global healthcare sector. It said that the technology could help communicate data and information to all parties in the healthcare industry effectively and transparently.
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