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Monday, August 15, 2022

NFTs Might Turn Out Bigger Than Bitcoin

Kevin O’Leary, a major crypto proponent and millionaire investor, believes that the NFT sector has the potential of being worth more than Bitcoin. Speaking with Capital Connection on the 5th of January, O’Lear stated that nonfungible tokens provide a greater potential to attract more capital than Bitcoin due to their unique ability to be able to tokenize as well as to authenticate most physical assets such as watches, real estate, and cars.

He stated that the entire industry was getting ready to see a lot of movement which would be taking turns in insurance policies and real estate transfer taxes- all of which would be conducted online. 

NFTs Getting Bigger Than Bitcoin- A Distinct Possibility

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Kevin O’Leary, or Mr. Wonderful as he is more commonly known, stated that he doesn’t find himself tied to the bet and will be investing in both the NFT sector as well as Bitcoin to even out the scales. The former skeptic of cryptocurrencies told Cointelegraph in quite a recent interview that his change in tune was mostly due to digital assets and blockchain coming to the foreground- due to the growing trend of most regulators warming up across the globe over the last few years. 

Yet, it has also been discovered that not every single trader across the industry believes in this comparison between Bitcoin and NFTs, with Bobby Ong, the co-founder, and chief operating officer of CoinGecko, stating that it would probably not be a good idea to compare Bitcoin- which is a single asset to an entire sector of nonfungible tokens.

Nevertheless, Ong did note that the adoption curve for this sector in 2022 was simply going to go upwards as the sector was still in its very initial days. He further mentioned that if one were to look collectively across every NFT out there, as well as the fact that 2021 was the year one for market adoption, they would still find massive room to grow. 

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In other news, CoinGecko also brought out a new book called How To NFT which would explain all the nitty-gritty of the sector. 

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