Kevin O’Leary is shifting his focus away from NFTs and into high‑end physical collectibles. The ‘Shark Tank’ investor and O’Leary Ventures chairman said he co-purchased a one‑of‑a‑kind dual Logoman trading card featuring Kobe Bryant and Michael Jordan for $13 million, splitting the purchase with two partners. ‘I’d rather own 33 and a third of it than zero,’ he told CoinDesk TV, calling the card a cornerstone for an expanding index of unique assets.
O’Leary was blunt about NFTs: ‘NFTs turned out to be a fad,’ he said, explaining he prefers tangible pieces you can touch. He contrasted physical collectibles with on‑chain tokens, asking where the asset actually is and noting the appeal of being able to handle a physical object.
The comment comes after a volatile run for NFTs: trading volume reportedly jumped to roughly $25 billion in 2021 from about $95 million the year before, then fell more than 80% by mid‑2022 during the broader crypto downturn. High‑profile collections saw prices plunge from their peaks.
Despite his dismissal of NFTs as a mainstream product today, O’Leary expects many physical pieces to be tokenized over time to simplify ownership and management. He frames the move as part of a broader push for ‘Wall Street on chain’—using blockchain infrastructure to improve transparency, liquidity and market trust. He also remains bullish on core cryptocurrencies like bitcoin and Ethereum and on infrastructure plays such as miners and exchanges.
Risk note: Rare physical collectibles are speculative and often illiquid; past price appreciation is not a guarantee of future returns. Tokenization can improve tradability but also creates custody, regulatory and market‑structure risks that investors should consider.
Source: CoinDesk. Read the original coverage for full details.