‘NFTs Turned Out to be a Fad,’ Says Kevin O’Leary as He Buys $13M Collectible Card
Kevin O’Leary is popping away from NFTs and placing tens of millions into uncommon, bodily collectibles, particularly high-end sports activities playing cards.
The “Shark Tank” star and O’Leary Ventures chairman not too long ago co-purchased a $13 million twin Logoman card that includes Kobe Bryant and Michael Jordan, he stated throughout an interview with CoinDesk TV’s Jennifer Sanasie. The cardboard is one-of-a-kind, and O’Leary—usually referred to as “Mr. Fantastic”—sees it as a cornerstone of his rising “index” of distinctive collectibles.
“The vast majority of the returns over 20 years have accrued to the collectors who purchased the piece uniques,” O’Leary stated, evaluating the technique to his long-standing investments in Andy Warhol artwork and luxurious watches. Moderately than outbidding others, O’Leary partnered with two buyers to amass the cardboard. “I would fairly personal 33 and a 3rd of it than zero,” he stated.
Pouring tens of millions into uncommon sports activities playing cards isn’t a ardour undertaking—it’s a calculated guess. “It as soon as traded for $75,000 years and years in the past, but it surely exhibits you the worth appreciation,” O’Leary stated.
“Grown males are going to weep after they see this,” he added.
Tokenization over NFTs
Regardless of the overlap with tokenization, O’Leary made it clear that he has little interest in NFTs.
“NFTs turned out to be a fad,” he stated. “I am solely shopping for property which are bodily property… That [NFT] fad got here and went. I am very lucky I did not become involved in that as a result of I by no means understood it.”
O’Leary’s sharp dismissal of NFTs comes just some years after the market exploded in recognition. In 2021, buying and selling quantity on NFT marketplaces surged to $25 billion, up from simply $95 million the 12 months earlier than, in response to information from DappRadar and Chainalysis. Celebrities like Snoop Dogg, Paris Hilton and Steph Curry rushed to launch collections, whereas main manufacturers together with Nike, Adidas and Coca-Cola entered the house.
However the hype was short-lived. NFT gross sales volumes fell greater than 80% by mid-2022 amid the broader crypto downturn, and costs for high-profile collections like Bored Ape Yacht Membership and CryptoPunks plunged from their peaks, in response to the information.
O’Leary’s subject with NFTS is the shortage of bodily existence of the property. “The place is the asset? The place can I put my white glove on and go contact it? That is what you’ll be able to’t do with an NFT.”
Nevertheless, he stated his collectibles “will in the future be tokenized,” as a result of “it might be a lot simpler to take care of and handle them in an index that means.”
Wall Road on chain
O’Leary frames this shift as half of a bigger mission: “Wall Road on chain.”
He believes blockchain infrastructure can modernize how property are managed—bettering transparency, liquidity and belief in markets that also rely closely on intermediaries.
He stays bullish on foundational cryptocurrencies like bitcoin and Ethereum, and infrastructure performs like mining operators and exchanges.
