Kevin O’Leary, popular investor on Shark Tank and crypto optimist, strongly believes that non-fungible tokens (NFTs) will be much larger than Bitcoin. O’Leary, president of O’Shares Investment Advisers, mentioned in an interview that the NFT trend will benefit the liquid market, compared to property taxes and insurance policies over the next few years. . The Canadian television personality’s comments marked a turning point in stance as he was previously quoted as having stated that no crypto asset stands a chance against Bitcoin.
“You will see a lot of movement in the implementation of online authentication, insurance and property transfer tax policies over the next few years, making NFT a larger, more flexible market that has more potential than just Bitcoin alone,” O’Leary said in a interview with CNBC. He also added that he’s “investing in both sides of that equation” regardless of which of the two comes up at the top.
O’Leary noted that he believes in the development of NFTs because they allow people to prove ownership to real-world assets. With more and more companies getting on the hype train, NFTs have become the preferred choice for many, when compared to physical filings.
O’Leary wasn’t always a electronic money supporter. He previously stated that Bitcoin is “junk”. In 2019, O’Leary said of Bitcoin, “It’s a useless currency, it’s worthless.” Over the past year, however, O’Leary has focused on cryptocurrencies, noting that these assets can be used to diversify investments. He has also expressed support for decentralized finance (DeFi), noting that it is a clone of the traditional financial system based on blockchain.
O’Leary also stated that he personally invests in crypto as well. He has revealed that the largest part of his crypto portfolio is Ether while he also holds other tokens such as Bitcoin, Solana, and Polygon.
Not many people heard of NFT in 2020, but in 2021 it became a phenomenon. According to DappRadar’s decentralized application discovery and analytics platform (dApps) Industry report in 2021, the NFT trading volume for the year surpassed $23 billion (approximately Rs. 1,71,297 crore) as celebrities, sports teams and major brands entered the market. Markets like OpenSea, Atomic Market, and Solanart are among the most popular dApps.
Compared to the figures from 2020, the DappRadar report indicates that the NFT has grown 230 times in terms of sales in 2021, from just $100 million (about Rs 744.94 crore).
However, there are concerns about the sustainability of the market. Some experts, so far, have compared NFT to the enthusiasm of the first coin offering in 2017. It shows that some investors are fooled into betting on startups through staking. unregulated token sale. Meanwhile, there have been many cases of fraud and stolen art, signaling danger for some merchants.
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