NFTs Will Become Bigger Than Bitcoin Due To Their Ability To Record Ownership, Says Kevin O’Leary | Currency News | Financial and business news

[ad_1]

Kevin O’Leary.

Frederick M. Brown / Getty Images

The NFT market has the potential to become bigger and “smoother” than the bitcoin market, Shark Tank investor Kevin O’Leary told CNBC. He says the ability of NFTs to serve as proof of ownership of physical items can fuel market growth. Chainalysis said the NFT market in 2021 reached $ 41 billion in value. Sign up for our daily newsletter here, 10 things before the opening bell

The market for non-fungible tokens, or NFTs, has the potential to overtake bitcoin as they can serve as proof of ownership for ownership, Kevin O’Leary, star investor of “Shark Tank” told CNBC.

“You’re going to see a lot of movement in terms of authentication and insurance policies and taxes on online real estate transfers over the next few years, making NFTs a much larger and potentially more fluid market than bitcoin alone.” , did he declare. Wednesday on CNBC’s “Capital Connection” show.

NFTs are digital representations of collectibles such as art, and O’Leary considers them capable of certifying ownership of real-world objects such as watches and cars.

“We’ll see what happens, but I’m making this bet and investing on both sides of this equation,” he said.

The market value of NFT reached $ 41 billion in 2021, blockchain data firm Chainalysis said on Thursday in an update to a previous report. Trade around NFTs exploded in 2021, with milestones such as the sale of $ 69 million worth of NFT artwork by auction house Christie’s.

Meanwhile, bitcoin’s valuation climbed beyond $ 2 trillion in 2021, but has since retreated and was around $ 821 billion on Thursday, experiencing a strong sell-off in recent sessions.

O’Leary in May 2019 called bitcoin “trash,” but he has since added cryptocurrency to his wallet. He also said he owns stakes in companies that develop crypto products such as decentralized wallets.

[ad_2]