Kevin O'Leary.
Frederick M. Brown is a photographer.
"Shark Tank" star investor Kevin O'Leary told CNBC that the market for non-fungible token, or NFTs, holds the potential to outstrip that of bitcoin because they can serve as proof of ownership for property.
He said on CNBC's "Capital Connection" that there will be a lot of movement in terms of doing insurance policies and real estate transfer taxes online over the next few years.
NFTs are digital representations of collectibles such as art, and can be used to certify ownership of real-world items such as watches and cars.
He said that he was making a bet and investing on both sides of the equation.
The value of the NFT market will reach $41 billion in 2021, according to Chainalysis. The sale of NFT artwork by Christie's was one of the major milestones of trading surrounding NFTs.
During the year of 2021, the valuation of the virtual currency soared to $2 trillion, but has since retreated and is now around $821 billion.
In May of this year, O'Leary called the currency "garbage", but now he has added it to his portfolio. He said he has holdings in companies that are developing cryptocurrencies.
Business Insider has an original article.
