Despite betting that NFTs can surpass Bitcoin, Kevin O'Leary said he can hedge his bets and invest on “both sides” of the equation.
Millionaire capitalist and crypto exponent Kevin O'Leary thinks that the NFT sector may well be value over Bitcoin within the future.
Speaking with CNBC’s Capital connection on January. 5, O'Leary — also known as mr. wonderful — argued that NFTs offer a bigger potential to draw in capital than Bitcoin due to their ability to tokenize and authenticate physical assets like cars, watches and real estate:
“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.”
Mr. wonderful admitted but, that he's not tied to it bet and will still be finance on “both sides of that equation.”
The former crypto skeptic told Cointelegraph in a recent interview that his change in tune towards blockchain and digital assets was thanks to the growing trend of regulators warming up across the world over the past number of years.
Not everybody agrees with comparisons between Bitcoin and NFTs but, with Coingecko digital selling associate Khai Ren Kuan telling Cointelegraph that it’s “probably not fair to match Bitcoin, that may be a single plus, to NFTs that area unit a complete sector.”
Kuan did note but, that the NFT adoption curve in 2022 is simply going 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 collection of 'blue chip' NFTs, however i believe the business continues to be barely scratching the surface of what NFTs might be and what they might do, significantly if the Metaverse involves fruition,” he added.
(Brian Quarmby, Cointelegraph, 2022)