Despite the recent flash crash that affected the cryptocurrency market, wiping out over half a trillion dollars the past week, billionaire crypto investor Mark Cuban remains bullish and confident about the market and the technology that powers it.
Cuban expects "new and unique" crypto apps that might "replace existing business processes," Cuban tells the CNBC program "Make It."
Mark Cuban: Smart Contracts Can 'Change the World'
He said such apps as smart contracts can "change the world."
Smart contracts are digital-based covenants that are stored in blockchains, such as Ethereum and Solana-two of the most prolific crypto platforms carrying such apps. These smart contracts are essential in the execution of decentralized finance (DeFi) apps and non-fungible tokens (NFTs), among others.
The "Shark Tank" star and Dallas Mavericks owner had consistently expressed his belief in smart contracts in the past, saying he had become an "Ethereum maxi" due to the token's robust smart contract features.
He indicated that he likes Ethereum more than the top cryptocurrency Bitcoin because he sees "an unlimited number of applications" that would change the business and consumer world forever. To use these apps, investors need to buy ether, he said.
Mark Cuban Pushes Monetizing Carbon Offsets in Blockchains
In 2022, Cuban hopes that more use cases would emerge for smart contracts to grow further. Cuban noted the possibility of monetizing carbon offsets in the Ethereum blockchain as an example.
These carbon offsets help balance carbon footprint by subsidizing environmental initiatives that aim to lessen greenhouse gas emissions. However, experts have doubted the carbon offsets' effectiveness and reliability.
Cryptocurrency critics also cite the technology's negative impact on the environment.
Despite this, Cuban envisions the potential of carbon offsets being monetized through blockchain apps and tokens. He said he is discussing with all his companies that can generate carbon offsets on strategies on how to monetize them. With this tokenization of carbon offsets, climate activism using blockchains have been gradually becoming more widespread.
Similar to other investors, Cuban is seeking to have blockchain solutions to confront the climate crisis head-on. He urged Twitter to buy $50,000 in carbon offsets and invest them on-chain as Base Carbon Tons (BCT) every 10 days with the KlimaDAO's KLIMA token, which aims to accelerate the price appreciation of carbon assets.
Such a concept of carbon offset monetization is still new, however. Similar to other potential investments, experts would push for thorough research before actually buying in. On investing in cryptocurrencies, experts have cautioned investors to only pour money on assets that they can afford to lose at any time, given the market's volatility.
Cuban has been using blockchain technology to purchase $50,000 in carbon offsets every 10 days, a Cointelegraph report said.
Cuban is a staunch investor in the cryptocurrency space, carrying a varied portfolio that includes a number of tokens, such as Bitcoin, Ethereum, and the meme coin Dogecoin, NFTs, and stakes in several blockchain companies.
