Billionaire Mark Cuban discussed the possibilities of non-fungible tokens (NFTs) in the publishing sector.
He claims that schoolchildren and students frequently purchase both new and old textbooks. They are required to resolve a conundrum at the end of the course.
"You decide whether or not I should offer them textbooks. How do I market them? Do I need to mail them? Or perhaps bring it to a bookstore? In the digital age, this is just a pain, said Cuban.
Students will be able to recover back some of the money they spent on textbooks through the NFT market, while writers and publishers will be able to profit from repeat purchases. Physical books are unable to accomplish this, he continued.
Cuban thinks that NFT technology will also improve the effectiveness and fairness of the health insurance sector. According to him, the blockchain will make it possible to build a platform for pre-approving insurance claims that has thousands of validators. The latter will be compensated for their labor.
Bill Gates, the creator of Microsoft, has questioned the usefulness of NFTs and labeled them as a fraud "based on the bigger fool idea."
Recall that in September, Meta Corporation opened access to functions related to non-fungible tokens to all Instagram and Facebook users from the United States.
Metaverse-focused company MyMetaverse has integrated NFT into its own Minecraft and Grand Theft Auto 5 game servers.