Mark Cuban Invests in an NFT Tracking Tool, CryptoSlam

Billionaire Entrepreneur and celebrity judge at Shark Tank, Mark Cuban has invested in popular NFT aggregator site CryptoSlam. The strategic investment between Mark Cuban and cryptoSlam, an NFT collectible aggregator, was done through his VC entity ‘Radical Investments.’

By
Rebecca Asseh
on
April 24, 2021
Category:
Blockchain News


Mark Cuban and CryptoSlam

It is an exciting time for the NFT Market place with people paying hundreds of thousands of dollars for non-fungible tokens. With the increase in the minting and purchase of NFTs, platforms like CryptoSlam are needed. CryptoSlam tracks over 50 different NFT projects over three different blockchains (Ethereum, FLOW, Wax) and is also the go-to data aggregator for major media outlets such as CNBC and Forbes covering the NFT industry. With the investment from Mark Cuban, CryptoSlam aims to add more support for blockchains as well as scale its team. The amount invested is not yet disclosed, however, Mark’s stance towards pNFTs remains bullish. Cuban has displayed interest in multiple other NFT projects as seen in last weeks’ tweet

Aside from investing in CryptoSlam, Cuban has invested in other NFT platforms such as Lazy, Mintable, and NFT42. CryptoSlam has also gotten several angel investors that contributed to its initial sale rounds such as Aloomii, GeoAds, and Troon Technologies. Before getting funding, Randy Wasinger, CEO and founder of CryptoSlam revealed, "Until now, I'd been bootstrapping CryptoSlam since inception." With the funds, the NFT aggregator can now focus on running the platform.


A Brief Look at NFTs 

Non-fungible tokens (NFT) are unique tokens that cannot be replicated on the blockchain and represent real-life digital assets. NFTs are smart contracts that adhere to ERC-721 protocol and usually represent digital collectibles, artworks, and real estate. There are other uses for NFTs such as virtual real estate or gaming and they act as a way of proving ownership. Other use cases of Non-Fungible tokens include game props, digital ticketing, collectibles -- CryptoKitties, identity authentication, digital certificates, etc. The term fungibility refers to the ability to replace a commodity with another. With “Non-fungibility" we are talking about commodities that are not interchangeable. A good example of fungibility is fiat. This is because you can easily exchange your $100 USD for other fiats like CAD, Euro, or Yuan. 

Most cryptocurrencies also have the nature of fungibility as you can easily exchange one coin for other, thanks to exchanges. Although NFTs are cryptocurrencies, they are traded differently. NFTs are cryptographic tokens representing scarce (limited) tokenized versions of digital or real-world assets.


Way Forward for CryptoSlam

CryptoSlam was founded in 2018 by Randy Wasinger to organize and track NFTs from MLB Champions. Funds raised from Mark Cuban, Strategic partners Aloomii Inc., Troon Technologies, and GeoAds LLC. will help in propelling the project forward and increasing staff capacity. 

In Wasinger’s words, “Mark’s investment comes at the perfect time for us, as we scale up to support the accelerating growth of the NFT industry...We’re thrilled to now be a part of Mark Cuban Companies!”

Mark Cuban seems to be on an investment spree as he has also made a strategic investment into Injective Protocol and other NFT projects. Not to be left out, celebrities like Patrick Mahome and Tom Brady are getting in on the hype by either minting their own NFTs for charity or starting their own NFT companies.

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Rebecca Asseh

Rebecca Asseh is a crypto and blockchain Writer with an interest in emerging technologies and financial psychology. When she's not writing, she's watching medical and crime shows.