Tech entrepreneur and Shark Tank billionaire Mark Cuban recently expressed interest in the potential of blockchain technology to transform real estate development.
“So, you are saying you will have written a smart contract on a ZK L2 which will check for a construction permit being issued, which in turn will create and send me an NFT that unlocks and delivers 250k in USDC when the Oracle checks property and utility records and determines that house has been completed ?,” he posted in X. 1
“The smart contract will continuously check for construction permits and create a new NFT for each incremental unit to be built. Correct ?”
“We will use a multi-sig wallet so that we both are protected.” 1
During an interview in October, Cuban discussed the possibility of using smart contracts and non-fungible tokens (NFTs) to streamline transactions, automate processes, and enhance transparency in the real estate market.
“Crypto has some problems. When they think of crypto, most people think of speculation. That’s not what crypto’s really about. Crypto is really about creating new applications that make things better and easier. What crypto is missing is that one application that grandma really wants to use,” he said in an October interview. 2
Cuban envisions a future where property titles, ownership records, and transaction histories are stored on a secure blockchain network. This would eliminate the need for intermediaries, such as title companies and escrow agents, and Substantially cut down both the time and expenses linked to real estate transactions.
Cuban also sees the potential for NFTs to play a role in fractional ownership of real estate. By tokenizing properties, investors could own a fraction Investors have the option to possess a partial share of a property instead of being required to acquire the entire asset.. This would open up real estate investments to a wider range of individuals and democratize access to the market.
In another related incident, angel investor Jason Calacanis proposed a grand vision of Smart Cities.
“My first act as President is going to be to build 10 new cities in America with one million housing units in each,” said angel investor and entrepreneur Jason Calacanis, recently presenting his ambitious vision of urban development.3
“Completely planned cities with exceptional affordability, walkability, sustainability, and exceptional amenities that bring joy to kids, elders, and the working class supporting them. If MBS can do it in the Kingdom, we can do it in America. We only need the will,” Calacanis said.
Cuban in response suggested employing a smart contract based on blockchain technology, operating on a layer-2 scaling solution to guarantee both privacy and efficiency.
- Mark Cuban on X: https://twitter.com/mcuban/status/1728901814115078550[↩][↩]
- Benzinga: https://www.benzinga.com/markets/cryptocurrency/23/11/35952882/mark-cuban-wants-to-build-new-american-cities-on-blockchain-send-me-an-nft-that-unlocks[↩]
- Nasdaq: https://www.nasdaq.com/articles/mark-cuban-wants-to-build-new-american-cities-on-blockchain:-send-me-an-nft-that-unlocks[↩]
