Entrepreneur Mark Cuban, who owns the basketball team Dallas Mavericks expressed his opinion about the current crypto market weakness. Currently, Bitcoin trades at around $29,000, and Ether hovers over $2,000.
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In the last 24 hours, the total crypto market cap fell by around 8% and now is $1.25 trillion. Mark Cuban sees common behaviors between toda’s crypto market and the 2000s internet bubble. In the late 1990s, after the rapid rise of the US internet-related stocks, the industry crashed. The Nasdaq Composite stock market index faced a significant drop in 2001 and 2002. Cuban tweeted on May 9, that crypto is experiencing the lull that the internet experienced at the time.
Crypto is going through the lull that the internet went through. After the initial surge of exciting apps, NFTs, DeFi, P2E, we saw the imitation phase as chains subsidized the movement of those apps to their chains (ala bandwidth and storage subsidies by startups in the 2000s)
— Mark Cuban (@mcuban) May 9, 2022
He wrote that after the rapid growth of exciting applications, non-fungible tokens, DeFi, and Play-to-Earn games, the imitation period began as chains supported the movement of those apps to their chains (like bandwidth and storage space supported by startups in the 2000s).
Cuban said that the new thing is the use of Smart Contracts increases the efficiency of businesses. According to Cuban, chains that help businesses compete will continue to exist.
The entrepreneur says chains that copy others will fail. What we need is Smart Contract apps replacing SaaS (Software-as-a-Service) and not bridges to move NFTs across chains, says Cuban.
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Cuban has been interested in the crypto industry for a long time. Previously, he said that 80% of his portfolio he keeps in crypto.