Kevin O’Leary, a multimillionaire investor and supporter of cryptocurrency, believes that the NFT sector would be worth more than Bitcoin in the coming days.
On Jan. 5, O’Leary — also called Mr. Wonderful — told CNBC’s Capital Connection that NFTs have a better chance of attracting capital than Bitcoin since they can tokenize and identify physical assets like automobiles, watches, and real estate.
According to O’Leary, the world will see a lot of movement in terms of insurance policies, doing authentication, and real estate transfer taxes all online over the next few years, making NFT a much wider, more flexible market than Bitcoin. He, however, confessed that he is not committed to that game and will continue to invest on “both sides of that equation.”
The former crypto critic recently stated that he has changed his mind about blockchain and digital assets as a result of the global trend of regulators coming up in recent years.
Not everyone agrees on comparing NFT with Bitcoin
However, not everyone in the industry agrees with the similarities between Bitcoin and NFT, with Coingecko co-founder and CEO Bobby Ong commenting that it’s “probably unfair to compare BTC, which is a single asset, to NFTs, which is an entire industry.”
Ong went on to say that, “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.”
The craze is bringing almost all the sectors into the digital world as Adidas recently launched its first NFT collection after acquiring a BAYC NFT and soon secured second place on the OpenSea marketplace after the debut.
Social media giant Instagram has also decided to try its hands on the digital asset world after recently confirming the rumors around the company actively exploring the NFT integration on the platform.