Shark Tank’s Kevin O’Leary Believes That NFTs Could Be Bigger Than Bitcoin, Here’s Why

Kevin O’leary – a millionaire investor and TV personality – has recently proclaimed that NFTs could become a “much bigger, more fluid market potentially than just bitcoin alone,” in an interview with CNBC’s Capital Connection on Wednesday. O’Leary, the chairman of O’Shares Investment Advisers, said his belief in NFTs stems from the idea that can they prove ownership of real-world items, such as designer watches or flash cars, digitally rather than with paper records, CNBC states.

NFTs are unique and non-interchangeable tokens stored on a blockchain, and they tend to be associated with reproducible digital files such as photos, videos, and audio.

Nevertheless, he even discussed his investment strategy for the crypto market as he told, “We’ll see what happens but I’m making that bet and I’m investing on both sides of that equation.” What’s more, he’s given his opinion on the market’s bubbles, diversification and regulation, along with listing the coins that he currently owns.

Turning A Leaf In A Budding Market

Kevin O’Leary, often known as Mr. Wonderful, is someone who’s displayed a clear shift in his opinions on the crypto space over the previous year. CryptoPotato remarked that his first hot take on cryptocurrency came in 2019, when he called bitcoin “worthless”, and explained that it was “garbage because you can’t get in and out of it in large amounts.”

During the start of 2021, he declared his respect for bitcoin instead, slowly warming up to the idea of the digital market space. And following this occurrence, he announced his entry into the cryptocurrency market through investment in Bitcoin just a few months later. O’Leary is not an adamant advocate of these digital currencies even to this day, but he does seem optimistic about the future prospects of the non-fungible tokens’ market space.

On Wednesday, he disclosed that his largest position is in ether, while he also owns some polygon, solana and bitcoin.

Stress On Regulation

Kevin O’Leary has emphasized on the need for proper regulation of cryptocurrencies to prevent money laundering through clone sites, rug pulls, etc., and to provide some financial security to the community and its potential customers. He has cited his own home country, Canada, as an example for a more progressive jurisdiction on the matter of crypto.

He also mentioned Switzerland and United Arab Emirates are some of the countries that are opening their gates to the crypto world. “You have to be optimistic and constructive… the floodgate of capital will come in through sovereign and pension plans that doesn’t exist yet.”

The Surge

Not many knew about the presence of NFTs in 2020, but turning into a word that was among the top google searches of 2021, non-fungible tokens immediately came up in a big way in the year after. Estimates taken from CNBC say that more than $20 billion worth of tokens changed hands throughout 2021, and these digital tokens really moved into the mainstream when entities from all walks of life, including music artists, actors, big brands and firms, were all getting engaged in this market.

Sneh Dokania is an Economics major student with an inquisitive disposition seeking to articulate facts, information and news stories in a candid manner on Clout News.

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