In a recent interview, billionaire investor and entrepreneur Mark Cuban discussed how non-fungible tokens (NFTs) could be useful in the book publishing industry (especially for textbooks).
Cuban is the majority owner of the Dallas Mavericks professional basketball team, as well as one of the “sharks” on the hugely popular reality show “Shark Tank” (which airs on the ABC television network).
Cuban’s comments were made during an interview with Forbes published on September 26. According to a report by The Daily Hodl, Cuban had this to say about the use of NFTs in the book publishing industry:
“NFTs as books, I think especially for textbooks. Whether we can get textbook publishers to go along with it is another question, but the idea of children buying books for their classrooms… The whole process of buying books.
“First, do you want new or used? Then you lug those books back, and at the end of the semester—because they’re only good for the time you’re in class—you make the decision, “Yeah, I’m going to sell it. how to sell it Do I ship it? Should I take it to the bookstore?’ It’s just a pain in the neck and in a digital world it’s ridiculous.
“With these as NFTs, well, the NFTs allow you to collect royalties so that the author and the publisher and everyone else involved gets a set royalty if that book is resold. That means the publishers who created the book can still get paid, whereas with a physical book that’s sold and resold, they have to hope that the book will fall apart so they can sell a new one. So I think this is a great application.“
On Aug. 7, in an interview with Altcoin Daily, Cuban Cuban criticized the United States Securities and Exchange Commission (SEC) for the way it handles crypto.
“The SEC is incredibly hypocritical. You know, they talk about protecting investors. Do you know what pink sheets are?… I just checked this out yesterday because I was asked two days ago. There are 16,750 Pink Sheet shares… probably around [the same as] the number of tokens. There is no protection for anyone coming off the SEC and that is already under their purview.
“They are supposed to protect you. There are funds – ETFs and others – that contain stocks from countries that have no SEC-like protection at all. They do not care. You can still buy and sell them. There are companies that are bought and sold on major exchanges that do not have any audit rights. You have no idea if the numbers are correct.
“And when the SEC comes in and says they want to protect investors from crypto, they’re not even doing their job in the space that they should be doing their job, and then you have the problem of how they’re trying to figure it out. The SEC does this thing called “regulate by litigation,” which means they don’t come out and say, “Here are the rules for everyone to follow, give us your comments.” They are doing what they did with Coinbase. they complain. And they will sue you, hoping that the outcome of the lawsuit will then set a precedent that they can use to enforce it the way they want to enforce it.
“It’s not like today anyone could just call the SEC and say, “OK, we want to issue a token… we have this crypto business, tell us what we need to do”… As a result, there’s all this uncertainty, which is why you’ve seen more crypto companies in Singapore, the Bahamas and the British Virgin Islands, the Caymans and all these different places and people are afraid to do anything here.
“And now look at the big companies like Coinbase [that] Create jobs and they try to make it right… they get screwed… There was – I forget – which politician said we should do it through the CFTC instead of the SEC and they’re right because the SEC cares more, hiring more lawyers than getting it right.“