Kevin O’Leary, a billionaire investor on the Shark Tank TV show, stated that non-fungible tokens (NFTs) could become bigger than Bitcoin (BTC/USD).
O’Leary noted that he has faith in the growth of NFTs because they allow people to prove ownership to real-world properties. As such, they have become preferable options compared to physical records.
Kevin O’Leary believes in NFTs
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NFTs are types of digital assets that have become highly popular over the past year. They have become prominent in the art and digital collectables sector because they offer authenticity.
Speaking during an interview with CNBC, O’Leary noted, “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 tears, making NFTs much bigger, more fluid market potentially than just Bitcoin alone.”
However, O’Leary noted that he would invest in both NFTs and Bitcoin, as either of the two could emerge the winner.
NFTs made a major boom in 2021, with NFT marketplaces such as OpenSea reporting record high volumes. Despite the growth, some investors have expressed concern over the future of the NFT market. Additionally, scams in the NFT sector have not been absent, and there have also been cases of stolen art.
O’Leary as a crypto supporter
O’Leary has not always been a crypto supporter. He has previously stated that Bitcoin is “garbage. In 2019, O’Leary talked about Bitcoin, saying, “It is a useless currency, It’s worthless.”
However, in recent days, O’Leary has warmed up towards cryptocurrencies and noted that these assets can be used for diversification. He has also shown support towards decentralized finance (DeFi), noting that it is a replica of the traditional finance system based on blockchain.
O’Leary has noted that he holds personal crypto holdings. He has disclosed that the largest share of his crypto portfolio is in Ethereum. He also holds other tokens such as Bitcoin, Solana and Polygon. O’Leary has also stressed the importance of regulations in the crypto sector. One of the main concerns by regulators is stablecoins. On this, O’Leary noted, “I think [stablecoins] will also get a chance to shine in the sun as a great way to get yield when you can’t get any yield on cash.”
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