The adoption of commercial smart contracts by companies will be a new catalyst for the development of the blockchain and cryptocurrency industry. This view was voiced by billionaire Mark Cuban.

He compared the current market situation to the dot-com bubble. In the early 2000s, the widely publicized and often similar business strategies of internet companies collapsed.

Crypto is going through the recession that the internet is experiencing. After the initial rise of exciting applications, NFTs, DeFi, P2E, we saw the emulation phase as chains subsidized the migration of these applications onto their chains (bandwidth and storage subsidies by startups in the 2000s)

– Mark Cuban (@mcuban) May 9, 2022

“The crypto industry is experiencing a recession that the internet is experiencing. After the first burst of excitement applicationsNFTs, DeFi, P2EWe see a phase of emulation when networks bring these applications to them (as startups subsidize bandwidth and storage capacity in the 2000s),” Cuban said.

According to him, blockchain projects that copy “what everyone has” will collapse. The entrepreneur added that not all blockchains require NFT or DeFi solutions.

He believes that commercial-oriented smart contract platforms that can replace applications will be successful. Software as a Service.

What we are not seeing is the use of Smart Contracts to increase business efficiency and profitability. This should be the next driver. Businesses will do so when they can use Smart Contracts to gain competitive advantage. The chains that understand this will stand.

– Mark Cuban (@mcuban) May 9, 2022

“What we are not seeing is the use of smart contracts to increase business productivity and profitability. This should be the next driver. Companies will do so when they can use smart contracts to gain a competitive advantage. Networks that implement it will survive,” Cuban said.

In October 2021, he recommended new investors to look at Ethereum, the largest smart contract platform. Prior to that, the billionaire criticized the rival Cardano network.

Recall that Cuba recommended in February to focus on the value proposition when investing in cryptoassets and to eliminate projects that have “too much noise and too little benefit” around them.