Bitcoin Daily: Mark Cuban Backs Dogecoin; Fortune Nets $1.3M In NFT Sale Of Magazine’s Art

Dallas Mavericks owner Mark Cuban said he thinks Dogecoin, which has been an accepted form of payment for the team’s merchandise since March, could have an edge over other cryptocurrencies, CNBC reported.

The reason is the Dogecoin community, he said, per the report.

“It’s a medium that can be used for the acquisition of goods and services,” Cuban said, speaking on CNBC Make It. “The community for Doge is the strongest when it comes to using it as a medium of exchange.”

Tesla CEO Elon Musk replied to Cuban’s tweet about the subject saying he had “been saying this for a while.”

I’ve been saying this for a while

— Elon Musk (@elonmusk) August 14, 2021

The Mavericks have been seeing a solid response on Dogecoin-fueled buys. CNBC reported that Cuban has previously described Dogecoin as “fun” in contrast to other digital currencies.

“[T]he weird part about it [is that] it went from being a cryptocurrency joke to now becoming something that’s becoming a digital currency,” he said, per CNBC.

Cuban has said in the past that he acknowledges Dogecoin might not be the smartest investment. But CNBC noted that he and his 11-year-old son own some of the coin.

In other news, Fortune magazine is the latest entity to step into the nonfungible token (NFT) field, fetching more than $1.3 million from an auction, CoinDesk reported.

The set of NFTs from the longstanding business publication was of the cover to the August/September issue, which is crypto-themed. The auction raised 429 Ether (more than $1.3 million). Robert Hackett, tech editor for the publication, said 50 percent of the proceeds will go toward nonprofit organizations, while the rest will be held by the company, according to CoinDesk.

The auction took place on NFT market OpenSea. The site experienced technical difficulties because of the traffic, CoinDesk reported. The lot sold out in a matter of minutes. Since then, the NFTs have gone for around seven times their original price to other buyers.