Kevin O’Leary, the charismatic entrepreneur and “Shark Tank” star, has taken a decisive turn away from the ephemeral world of NFTs, opting instead for the tangible allure of rare sports cards. This pivot was crystallized recently when O’Leary, alongside two partners, splurged a staggering $13 million on a one-of-a-kind dual Logoman card featuring basketball legends Kobe Bryant and Michael Jordan. In a chat with CoinDesk TV’s Jennifer Sanasie, O’Leary shared his rationale, likening the investment to his deep-seated interests in Andy Warhol’s art and luxury timepieces. “The majority of the returns over 20 years have accrued to the collectors who bought the piece uniques,” he mused, underscoring the potential long-term value of such unique assets.
The Tangible vs. The Digital
O’Leary’s foray into the realm of physical collectibles isn’t just a lavish hobby—it’s a calculated financial maneuver. The card, which once fetched a mere $75,000, now commands a price that makes grown men weep, as O’Leary himself put it. For him, it’s about owning a slice of something irreplaceable, rather than fleeting digital assets. “I’d rather own 33 and a third of it than zero,” he remarked, emphasizing the value of partial ownership in high-stakes collectibles.
While the world of NFTs once captivated the imaginations of celebrities and major brands alike, with trading volumes skyrocketing to $25 billion in 2021, the bubble appears to have burst. By mid-2022, NFT sales had plummeted over 80%, leaving many investors disillusioned. O’Leary’s skepticism of NFTs stems from their intangible nature. “Where is the asset? Where can I put my white glove on and go touch it?” he questioned, highlighting a key drawback of digital tokens.
Tokenization: The Future of Collectibles?
Despite his criticism, O’Leary isn’t dismissing blockchain technology altogether. In fact, he’s an advocate for the tokenization of physical assets. “My collectibles will one day be tokenized,” he predicted, noting the ease of managing such assets in an index. This vision aligns with his broader mission to bring “Wall Street on chain” by leveraging blockchain to bolster transparency, liquidity, and trust in traditional markets. This sentiment echoes the broader trend of institutional interest in blockchain, as detailed in our recent coverage of Wall Street Giants Poised to Offer Spot Bitcoin and Ethereum Trading.
O’Leary’s confidence in blockchain is evident in his continued support for cryptocurrencies like Bitcoin and Ethereum, as well as infrastructure projects like mining operations and exchanges. While NFTs may have faded from his investment strategy, the underlying technology remains a cornerstone of his financial philosophy.
The Road Ahead
The debate over the future of NFTs and tokenization is far from settled. O’Leary’s pivot to physical collectibles raises questions about the sustainability of digital assets in an ever-evolving market. As blockchain infrastructure continues to evolve, so too will the ways in which investors approach asset management. Will tokenization breathe new life into the collectibles market, or is it simply a passing trend?
As the cryptocurrency landscape matures, O’Leary’s moves serve as a reminder of the importance of adaptability in investment strategies. While NFTs may have once seemed like the next big thing, it appears the allure of tangible assets is far from waning. And in a world where markets can stumble as quickly as they rise, having a diversified portfolio anchored in both the physical and digital realms might just be the key to long-term success. For those looking to diversify their crypto investments, our analysis of the Best Altcoins to Buy After Sudden Whale Shift from Bitcoin to Ethereum provides valuable insights.
Source
This article is based on: ‘NFTs Turned Out to Be a Fad,’ Says Kevin O’Leary as He Buys $13M Collectible Card
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
