Why Kevin O’Leary thinks NFTs could become bigger than Bitcoin

Millionaire investor and crypto proponent Kevin O’Leary thinks that the NFT sector could be value extra 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 on account of their potential to tokenize and authenticate bodily property equivalent 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 nevertheless, that he’s not tied to that guess and can nonetheless be investing on “both sides of that equation.”

The former crypto skeptic instructed Cointelegraph in a latest interview that his change in tune in the direction of blockchain and digital property was because of the rising pattern of regulators warming up throughout the globe over the previous couple of years.

Not everybody agrees with comparisons between Bitcoin and NFTs nevertheless, 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 notice nevertheless, that the NFT adoption curve in 2022 is simply 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 just lately printed a brand new e-book known as “How to NFT” which gives a rundown for newbies getting into the nonfugible area on how one can 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 the direction of utility-based NFTs, Kuan stated:

“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.