- Kevin O’Leary, a multimillionaire investor and proponent of cryptocurrency, believes that the NFT sector would be worth more than Bitcoin.
- Kevin O’Leary stated he would hedge his bets and invest on “both sides” of the equation, despite wagering that NFTs will overtake Bitcoin.
- Ong did point out, however, that because the sector is still in its early stages, the NFT adoption curve in 2022 will only continue to rise.
Kevin O’Leary stated he would hedge his bets and invest on “both sides” of the equation, despite wagering that NFTs will overtake Bitcoin.
On Jan. 5, Kevin O’Leary — also known as Mr. Wonderful — told CNBC’s Money Connection that NFTs have a better chance of attracting capital than Bitcoin since they can tokenize and authenticate actual goods like automobiles watches, and real estate.
Kevin O’Leary, a multimillionaire investor and proponent of cryptocurrency, believes that the NFT sector would be worth more than Bitcoin.
Ong did point out, however, that because the sector is still in its early stages, the NFT adoption curve in 2022 will only continue to rise: “I believe there is still a lot of space for growth across all NFTs, especially given that 2021 was the first year of market adoption.” “We now have a set of ‘blue chip’ NFTs,” he continued, “but I believe the industry is only scratching the surface of what NFTs maybe and do, particularly if the Metaverse comes to fruition.”
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Coingecko recently released a new book called “How to NFT,” which explains how to buy, sell, store, and mint non-fungible tokens for newcomers to the field. When asked if the “NFT art narrative” will continue to dominate in 2022 or if the trend will move to utility-based NFTs, Ong said that the arty collectibles will secure a top position in the list and is quite streamlined and friendly for beginners. As far as NFT utility is concerned, he believes that it will be intriguing to check out that NFT art is both useful and appealing.
Cointelegraph thoughts are similar to Kevin O’Leary
According to Cointelegraph Research, non-fungible token sales might reach $17.7 billion by 2021. According to Google Trends, global searches for the term “NFT,” which refers to non-fungible tokens, have topped “crypto” for the week ending on Christmas. Opensea transactions mark that the NFT drops and auctions are topping $10billion. There is also a considerable upsurge in the search traffic for non-fungible tokens that mark the entry of general consciousness. The massive surge in demand for NFTs can be seen in practically every facet of society. To begin, consumer brands such as Nike and Adidas are foraying into the metaverse NFT space.
NFTs are one-of-a-kind crypto tokens used to trace the provenance and validity of virtual collectibles like art and sports memorabilia. NFTs have also been attempted to be applied to physical assets.
“You’re going to see a lot of movement in terms of performing authentication, insurance policies, and real estate transfer taxes all online over the next few years,” O’Leary said on CNBC’s “Capital Connection” Wednesday, making NFTs a far wider, more fluid market than bitcoin alone.’
In 2020, few people had heard of NFTs, but they became a massive craze the next year. According to some estimates, more than $20 billion worth of tokens changed hands in 2021. After a collage by digital artist Beeple, whose real name is Mike Winkelmann, was sold for a record $69 million, the trend garnered much attention.
However, there are doubts regarding the market’s long-term viability. Some have linked it to the 2017 initial coin offering frenzy, in which some investors were scammed by uncontrolled token sales betting on start-ups. Meanwhile, several scams and cases of stolen art have surfaced, raising warning signals for some traders.
O’Leary has recently warmed on to the market, seeing it as a way to diversify away from other assets such as real estate in the face of rising inflation. He’s particularly enthusiastic about “decentralized finance,” a strategy using blockchain to imitate traditional financial products.