Renowned American billionaire entrepreneur Mark Cuban has voiced a keen interest in leveraging blockchain technology and non-fungible tokens (NFTs) to transform the real estate sector.
Responding to a visionary urban development plan by angel investor Jason Calacanis, who envisions creating 10 new American cities with one million housing units each, Cuban proposed a blockchain-based solution.
His suggestion centers on smart contracts using ZK-rollup, a layer 2 scaling solution expediting transactions by processing them off the main blockchain (off-chain) while preserving transaction data on the main blockchain (on-chain).
The smart contract, according to Cuban’s vision, would verify the issuance of a construction permit. This, in turn, would “create and send an NFT that unlocks and delivers 250k in USDC when the oracle checks property and utility records and determines that the house has been completed.”
Furthermore, Cuban outlined that the smart contract would consistently monitor construction permits, generating a new NFT for each additional housing unit to be constructed.
This move reflects Cuban’s deeper immersion into the Web3 space, marking a potential paradigm shift in real estate practices.
In a previous instance in June, Cuban embraced NFT technology by releasing his book, “How to Win at the Sport of Business: If I Can Do It, You Can Do It,” on the Polygon blockchain. The NFT was sold through Book.io, a multi-chain Web3 marketplace specializing in decentralized eBooks and Audiobooks.