Mark Cuban is into NFTs, in case you don’t know. He backed a new NFT marketplace called Mintable and as if he doesn’t have enough money, they raised $13 million in a series A funding round from investors, including digital asset issuer Ripple.
The funding will be used to scale Mintable’s operations and boost its growth and efforts to gain more users.
This is a significant development in the NFT space because as much as the NFT industry is getting some significant boost, there really isn’t any marketplace that’s dominating NFTs.
Opensea and Rarible are two of the biggest but different mainstream artists are releasing their NFTs all over the place.
Eminem released his NFT through Nifty Gateway. Banksy’s artwork was sold through OpenSea. Rihanna used BankRoyalty.
Mintable will the first billionaire celebrity-backed NFT marketplace. For as long as they don’t mess it up, it will be easier for them to attract more creators which will attract more NFT buyers.
However, it is also good for the NFT industry itself because aside from money, Cuban is lending his reputation and credibility to NFTs. This is a leap towards mainstream.
Let’s face it. Many of the highly publicized NFTs come in questionable forms. Burning a Banksy piece is a unimaginable in itself. It’s not like we can walk up to the guy to ask him to create another one. No one even knows who he is.
Tokenizing it and selling it is even more unimaginable. You’re basically buying the process of burning a legendary piece.
Many dismiss it as a stunt.
With Cuban’s involvement, more big-time investors and a bigger audience will find it worth their time to at least check it out and see its potential.
NFT is young and it will evolve some more but as an investor, it’s better to get in early. Whether you want to buy a non-fungible token or invest in platforms that sell NFTs, it is worth your time.