Kevin O’Leary, the guy from “Shark Tank” known as Mr. Wonderful, just made a big move. He’s ditching digital collectibles, also known as NFTs. Instead, he’s betting big on physical items. He and his partners recently bought a super rare sports card. This card, featuring basketball legends Kobe Bryant and Michael Jordan, cost them a whopping $13 million. It shows a clear shift in where he sees real value.
O’Leary isn’t just buying for fun. He calls it a smart, planned investment. He pointed out that this very card sold for only $75,000 years ago. That shows how much its value has jumped over time. The O’Leary Ventures president sees these unique physical items as offering great returns. He compares them to his investments in famous art, like pieces by Andy Warhol, or high-end luxury watches. He’d rather own a part of something truly valuable than nothing at all.
The Big Turn Against NFTs
Mr. Wonderful doesn’t mince words about NFTs. He thinks they were just a passing trend. His main problem is that you can’t actually hold them. “Where’s the asset?” he asks. “Where can I put on white gloves and touch it?” He believes you just can’t do that with an NFT. He shared these thoughts in an interview with CoinDesk TV.
This view stands out against the wild craze of 2021. Back then, NFT sales hit $25 billion, according to market trackers DappRadar and Chainalysis. Celebrities like Snoop Dogg, Paris Hilton, and Steph Curry jumped in. Big brands such as Nike, Adidas, and Coca-Cola also entered the market. But that excitement faded fast. By mid-2022, sales had crashed by over 80%. Even popular collections like Bored Ape Yacht Club and CryptoPunks saw their prices tank. This market slump seems to prove O’Leary’s point.
Bringing Blockchain to Physical Assets
While he’s not a fan of NFTs, O’Leary isn’t against all new technology. He actually plans to use blockchain for his physical collectibles. He believes tokenizing these assets will make them much easier to manage. This could help create a special index for his unique art and items.
This idea fits his vision of “Wall Street onchain.” He sees blockchain technology as a way to update old-school asset management. For O’Leary, it means more transparency and easier trading. It could also build trust in markets that still rely on many middlemen.
Still Believing in Core Crypto
He also feels good about major cryptocurrencies like Bitcoin and Ethereum. He likes companies that build the backbone for these systems. This includes businesses that mine coins or run trading platforms. O’Leary wants to use both rare physical assets and the digital tools that are changing global finance.
O’Leary’s change of focus sends a clear message. NFTs might be losing their shine. But mixing physical collectibles with blockchain tech could shape the future. It’s a new way to look at alternative investments and digital assets.