photo 6 1024x555 1 Cuban: 'Crypto is going through the lull that the internet went through'

Cuban: ‘Crypto is going through the lull that the internet went through’

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-Cryptocurrency is going through a lull, according to Mark Cuban
-The billionaire Dallas Mavericks owner is heavily invested and interested in the crypto and NFT space
-Cuban says that crypto is going through the same downward trend that tech and internet companies hit in the early 2000s
-The comparison between cryptocurrency and the early days of the internet has been made by Cuban and others including entrepreneur Gary Vaynerchuk before
-The dot-com bubble burst in 2000 after several internet-centric companies received high levels of investment speculation, only to eventually bottom-out
-Cuban sold his company Broadcast.com to Yahoo in 1999 for $5.7 billion, just before the dot-com bust
-Broadcast.com has since been discontinued
-While NFTs have exploded in popularity over the past few years, with creators like Beeple and NBA Top Shot selling NFTs for millions of dollars, recent NFT sales have plummeted as more creators flooded the marketplace
-The average daily transaction volume on OpenSea, the largest NFT marketplace, was down more than 55% from January 2022 to March 2022, according to crypto data tracking platform Dune Analytics
-Millionaire Vaynerchuk, who invested early in companies like Facebook, Twitter, Uber, Snap and Venmo, told MarketWatch in July 2021 that he, like Cuban, sees NFTs and crypto following similar paths as the early internet companies in the late 1990s
-Cuban’s latest crypto comments come as prices for many cryptocurrencies are plummeting
-Prices for bitcoin and ether were hovering around roughly half their November peaks in June

 

 

photo 6 Cuban: 'Crypto is going through the lull that the internet went through'
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