Optimistic! Investor Kevin O'Leary Says NFT Will Be More Valuable Than Bitcoin

JAKARTA – The recent skyrocketing popularity of non-fungible tokens (NFTs) will make them more valuable than Bitcoin in the future. This statement was made by veteran investor Kevin O'Leary.

Reporting from Cointelegraphah, when O'Leary spoke with CNBC's Capital Connection on January 5 yesterday, the person who has the nickname Mr. Wonderful said that NFT has a greater potential to attract capital than Bitcoin, this is due to the ability of NFT to be able to mark and authenticate ownership of several assets, such as cars, watches, and others.

“You will see a lot of movement in terms of authenticating and insurance policies and real estate transfer taxes all online over the next few years, making NFT a much bigger and smoother market than just Bitcoin alone.”

On the other hand, O'Leary admits that he will not lean towards either NFT or Bitcoin. He said he would invest in both at the same time.

Previously, O'Leary was a crypto skeptic. He recently confessed to Cointelegraph that his changing attitude towards digital assets and blockchain was due to the ever-evolving trends and increasingly crowded regulations around the world in recent years.

Artwork Always on the Top

However, not everyone agrees with the comparison between NFT and Bitcoin. Khai Ren Kuan, digital marketing officer at Coingecko stated that the comparison is unfair, “it may be unfair to compare Bitcoin, which is a single asset, with NFT which is a whole sector”.

On the other hand, Kuan believes that the increase in NFT adoption in 2022 will continue to increase because the digital arts sector is still in its early stages.

"I think collectively if you look at the entire NFT, and the fact that 2021 is the first year of market adoption, there's definitely still a lot of room to grow."

“We already have a set of 'blue chip' NFTs, but I think the industry still doesn't understand what NFTs can be and what they can do, especially if the Metaverse comes to fruition,” said Kuan.

Recently Coinecko launched a new book entitled How to NFT. This book is intended for beginners who are just entering the NFT universe, including how to buy, sell, store, and mint NFT. When asked whether NFT will be increasingly dominant in 2022, Kuan replied that art will always be at the top.

“Art and collectibles will always be at the top of the list because they are the most beginner-friendly and the easiest to understand. In terms of the utility of NFT, I think what might be interesting to look at is how some NFT will become art, and have utility."

He mentioned that the NFT Bored Ape Yacht Club has strengthened membership in the club, “and it really helps build identity and community”, said Kuan.