Shark Tank investor Kevin O’Leary shared his views on Non Fungible Tokens (NFTs). The famous billionaire sees great potential for the future in this altcoin market.
“Here’s a great use case for NFTs!”
Investors know the NFT altcoin market well from Bored Ape Yacht Club, Moonbirds, CryptoPunks, Azuki and Doodles. Venture capitalist and Shark Tank star Kevin O’Leary discusses what Non Fungible Tokens (NFTs) mean for the altcoin market. The famous billionaire reveals what he thinks has the greatest potential in this regard.
The investor shares a video of him posing in a photo shoot with 896,000 Twitter followers. O’Leary says he took a picture from the photo shoot and sold it as an NFT. He also states that he included a video of the photo shoot in the NFT as a way to confirm this. The star of Shark Tank explains:
The greatest potential of NFTs is the verification of physical assets. Think watches, jewelry, and art. Here is an excellent use case. So I’m going to cut this video of the shoot, shorten it and include it in the NFT. So whoever gets the other editions will know the date of manufacture of this image. I think NFTs should do this. They must authenticate. They should also give you the background of this.
“There are billions of dollars of institutional capital looking to enter this altcoin market”
Kevin O’Leary has previously invested billions of dollars into NFTs, as we reported on Kriptokoin.com. He said he was waiting for it to flow. But he said the industry must first deal with the amount of fraud and establish appropriate compliance standards. He also stressed that it needed to resolve several key hurdles, including determining whether NFTs are securities. The famous billionaire makes the following assessment:
There are billions and billions of dollars of corporate capital willing to go to NFTs. But we haven’t given them the compliance infrastructure to do this yet
“This is making regulators very nervous”
Kevin O’Leary explains his views on an example. “For example, when you buy a stock or bond in a pension plan for a university in Geneva,” O’Leary continues:
They can immediately see how much you’ve put in, whether you’ve leveraged, in compliance. The position is reported at the end of the day. Auditors can view it whenever they want. Regulators have a report that they issue every quarter, every month, every week, or every day, depending on your geography. Nothing like this in crypto. You have to do this manually yourself. This makes the regulators very nervous.
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