Millionaire Kevin O’Leary says NFTs may Potentially Overshadow Bitcoin

Millionaire Kevin O’Leary says NFTs may Potentially Overshadow Bitcoin

With NFTs being highly profitable in 2021, Kevin O’Leary, chairman of O'Shares ETFs, believes that NFTs could take the digital asset throne from Bitcoin.

Kevin O’Leary has been against digital assets for quite a while. In an earlier interview with CNBC, he called it "garbage, because you can’t get in and out of it in large amounts." However, he reached a turning point, and now holds a significant amount of Ethereum, amongst other cryptocurrencies.

In his latest interview with CNBC, O’Leary told reporters that NFTs have huge potential, and will present an even "bigger, more fluid market" than any cryptocurrency. That stems from NFTs being sort of "access items" which give owners various benefits including digital and tangible rewards, and privileges.

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Nicknamed Mr. Wonderful after his role in the business TV show "Shark Tank", Kevin O’Leary told his predictions on the impact of NFTs in the business environment, stating:

"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…"

However, O’Leary is not inclined to put all of his eggs in one basket, and told reporters that he’ll be diversifying his digital assets:

"We’ll see what happens but I’m making that bet and I’m investing on both sides of that equation."

By looking at the current state of NFTs, and huge success from the largest NFT marketplace OpenSea at the start of 2022, there’s definitely a world where art-based digital items could become much more valuable assets than crypto.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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