Shark Tank Billionaire Explains Why NFTs Will Be Bigger Than Bitcoin

Despite betting that NFTs will overtake bitcoin, Kevin O’Leary suggests caution and says he would invest “on both sides of the equation”

Billionaire investor and crypto-economy enthusiast Kevin O’Leary thinks the non-fungible tokens (NFTs) industry may be worth more than bitcoin in the future.

Speaking with CNBC’s Capital Connection on Wednesday, O’Leary — aka Mr. Wonderful — argued that NFTs offer greater potential to attract capital than bitcoin because of its ability to tokenize and authenticate physical assets , such as cars, watches and real estate:

“You’re going to see a huge movement in terms of authentication, insurance policies, and property transfer taxes online in the coming years, making NFTs a much larger and potentially more fluid market than just bitcoin alone.”

Mr Wonderful admitted, however, that he is not tied to that bet and will still be investing in “both sides of the equation”.

The former cryptosceptic said in a recent interview that his shift in tone towards blockchain and digital assets was due to the increasing trend of regulators across the world over the past couple of years.

Not everyone agrees with the comparisons between bitcoin and NFTs, however, with CoinGecko co-founder and COO Bobby Ong saying that “it’s probably not fair to compare bitcoin, which is a single asset, to NFTs which are an entire industry.” .”

Ong noted that the NFT adoption curve in 2022 will only increase as the industry is still in its early days:

“I think collectively, if you look at all the NFTs and the fact that 2021 was the first year of market adoption, there is definitely still a lot of room to grow.”

“We already have a set of blue chip NFTs (‘solidly profitable’ in a free translation), but I think the industry is still just scratching the surface of what NFTs could be and what they could do, especially if the metaverse materializes ”, he added.

CoinGecko recently published a new book called How To NFT, which provides a summary for beginners in the NFT space on how to buy, sell, store and issue NFTs. Asked if he thinks the “art narrative in NFT” will continue to dominate in 2022, or if the trend will shift towards utility-based NFTs, Ong said:

“Arts and collectibles will always be at the top of the list as they are the most beginner-friendly and the easiest to understand. In terms of utility NFTs, I think it’s probably interesting to see how some NFTs are going to be art and have utility.”

“We’ve seen the BAYC (Bored Ape Yacht Club), where the NFTs double up as the ‘club’ members, and it really helps build a sense of identity and community,” he added.

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Despite betting that NFTs will overtake bitcoin, Kevin O'Leary suggests caution and says he would invest “on both sides of the equation

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