Why Kevin O’Leary thinks NFTs might grow to be greater than Bitcoin

Millionaire investor and crypto proponent Kevin O’Leary thinks that the NFT sector may very well be value greater than Bitcoin sooner or later.

Speaking with CNBC’s Capital Connection on Jan. 5, O’Leary — also referred to as Mr. Wonderful — argued that NFTs present a larger potential to draw capital than Bitcoin resulting from their potential to tokenize and authenticate bodily belongings similar to vehicles, watches and actual property:

“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 nonetheless, that he’s not tied to that wager and can nonetheless be investing on “both sides of that equation.”

The former crypto skeptic informed Cointelegraph in a current interview that his change in tune in direction of blockchain and digital belongings was as a result of rising pattern of regulators warming up throughout the globe over the previous couple of years.

Not everybody agrees with comparisons between Bitcoin and NFTs nonetheless, with Coingecko digital advertising and marketing affiliate Khai Ren Kuan telling Cointelegraph that it’s “probably not fair to compare Bitcoin, which is a single asset, to NFTs which are an entire sector.”

Kuan did word nonetheless, that the NFT adoption curve in 2022 is barely going to extend upwards because the sector continues to be 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 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,” he added.

Related: Global search curiosity for ‘NFT’ surpasses ‘crypto’ for the primary time ever

Coingecko lately printed a brand new e-book known as “How to NFT” which supplies a rundown for newbies coming into the nonfugible area on tips on how to purchase, promote, retailer and mint NFTs. Questioned on whether or not he thinks the “NFT art narrative” will proceed to dominate in 2022, or if the pattern will shift in direction of utility-based NFTs, Kuan mentioned:

“Arts and collectibles are always going to be high on the list as they’re the most beginner-friendly and easiest to understand. In terms of utility NFTs I think what’s probably interesting to watch for is how some NFTs are going to both be art, and have utility.”

“We’ve seen BAYC which the NFT doubles as membership into their ‘club’, and it really helps build a sense of identity and community,” he added.