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Why Kevin O’Leary thinks NFTs will outperform Bitcoin

Kevin O’Leary, a multimillionaire investor and proponent of cryptocurrency, believes that the NFT sector would be worth more than Bitcoin in the future.

On Jan. 5, K — 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:

“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.”

Then, Kevin adds

Mr. Wonderful, on the other hand, confessed that he is not committed to that wager and will continue to invest on “both sides of the issue.”

In a recent interview with Cointelegraph, the erstwhile crypto skeptic explained that his shift toward blockchain and digital assets was due to a global trend of regulators warming up in recent years.

However, not everyone agrees with the comparisons between Bitcoin and NFTs. Coingecko digital marketing associate Khai Ren Kuan told Cointelegraph that it’s “probably not fair to compare Bitcoin,..”
“which is a single asset, to NFTs, which is an entire sector.”

However, because the sector is still in its early stages, Kuan believes that the NFT adoption curve in 2022 will only continue to rise:

“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 set of ‘blue chip’ NFTs, but I think the industry is still barely scratching the..”
” surface of what NFTs could be and what they could do, particularly if the Metaverse comes to fruition,”
Then, Kevin adds

Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.