Although Kevin O’Leary betted that NFTs will become bigger than Bitcoin, he revealed that he will be investing on “both sides” of the equation.
Crypto proponent and Millionaire investor Kevin O’Leary believes that the NFT sector can be worth more compared to Bitcoin in the future.
Speaking with the Capital Connection of CNBC on January 5, the millionaire investor, who is also called Mr. Wonderful stressed that NFTs offer a better potential for attracting capital compared to Bitcoin. This is due to the ability of NFTs to tokenize, as well as authenticate physical assets like real estate, watches, and cars:
“You’re going to see a lot of movement in terms of doing authentication and insurance policies and real estate transfer taxes all online over the next few years, making NFTs a much bigger, more fluid market potentially than just Bitcoin alone.”
Recently, O’Leary during an interview with Cointelegraph said that his change in tune towards digital assets and blockchain was as a result of the increasing trend of regulators over the last few years.
However, not everyone agrees with comparing NFTs with Bitcoin, with Bobby Ong, Coingecko chief operating officer and co-founder telling Cointelegraph that it’s “probably not fair to compare Bitcoin, which is a single asset, to NFTs which are an entire sector.”
He however noted that the NFT adoption curve in 2022 will continue to increase upwards, because the sector is still in its early days:
“I think collectively if you look across all NFTs, and the fact that 2021 was year one of market adoption, there’s definitely still a lot of room to grow. We’ve already got a set of ‘blue chip’ NFTs, but I think the industry is still barely scratching the surface of what NFTs could be and what they could do, particularly if the Metaverse comes to fruition.”
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Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.