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Mark Cuban Backs Thirdweb

Mark Cuban

Mark Cuban in Carnegie Library of Pittsburgh Video (screenshot)

Mark Cuban is one of the new investors in Thirdweb, a software startup for web3 projects. Cuban joined Gary Vaynerchuk among others in a $5 million round of funding in Thirdweb.

Business Insider explains that Web3 is the next generation of the internet and will exist on the blockchain. It will be decentralized, meaning it won’t be controlled entities like Facebook or Google.

Thirdweb says that it makes it really easy to build web3 apps. Created by Social Chain founder Steven Bartlett and Furqan Rydhan, who was founding CTO of Bebo and AppLovin, its free tools were released three months ago for developers to build, launch and manage their web3 projects without writing any lines of code. Thirdweb boasts that it is paving the way for the revolution surrounding the new iteration of the internet known as web3, by offering users free tools to build their own web3 projects.

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In other Mark Cuban news, the maverick businessman who owns the NBA’s Dallas Mavericks just can’t seem to be able to make up his mind on cryptocurrencies, also known as blockchain. Cuban spoke about this in an interview with Wharton Global Youth Program.

“A lot of people look at crypto as being a technology-driven environment. It’s not,” said Cuban. “The technology around crypto is the easiest thing ever. Blockchains — they’re all basically forms of each other. There’s not a lot of innovation there…You have to understand what’s going to drive people to use it. It’s so easy to clone anything that’s out there that you really have to understand how you’re going to get adoption. If you don’t have adoption, you have nothing.”

Mark Cuban is also an aficionado of NFTs. So what is NFT and why should anyone buy one anyway?

Well here’s the deal. A Non-Fungible Token (NFT) is a kind of cryptocurrency like Bitcoin. Only in this case it is a specific digital file whose unique identity and ownership are verified on a blockchain. NFTs can be bought with cryptocurrency and resold. NFTs have different values and so they are not interchangeable.

Confused? The key word here is fungible. This means something that has a set value. So Bitcoin has a set value for each coin at whatever the going rate is. So all Bitcoins are equal in value at all times. But each NFT is unique. And the NFT itself is not used as a currency.

Cuban spoke about how his Lazy.com makes it easy for people to collect some of their own.

“If you want to add your NFTs to the site, all you have to do is connect [your crypto] wallet, pin the ones you want to be seen first, and you’re done,” he explained. “We added the ability to buy and sell, which gave us some revenue. The whole concept was: now you have an easy URL to be able to put in your social media bio or to put in an email to send to somebody.”

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