Opportunities for monitoring and verifying non-fungible tokens (NFT) is what drew Canadian businessman and Shark Tank host Kevin O’Leary to the new digital trend.
NFTs are unique virtual assets that are represented in the blockchain by unique codes. Each of these non-fungible tokens can be bought, sold, or traded like any physical asset. The difference is that blockchain makes it easy to track both owners and transactions.
“This gives you the unique ability to trace the provenance of digital art for an unlimited period of time. It belongs to only one person and cannot be disputed or faked. This is really wonderful, ”said O’Leary.
O’Leary makes it clear that while he is optimistic about the future of NFTs, he hasn’t bought them yet. “I haven’t bought it yet. I am waiting for the price volatility to change. But he has legs. It will work.
Change of opinion
This is a radical change of opinion for O’Leary, who recently called Bitcoin (BTC) a “no giant burger” and said he would not invest in “junk” such as cryptocurrencies.
At the end of April, the “Shark Tank” star now allocates 3% of its entire investment portfolio to the world’s largest cryptocurrency. His change in opinion was triggered by the Bitcoin ETF and inflation concerns. The 3% investment will hedge inflation, O’Leary said. He said:
“In the US market now, I have concerns that a $ 1.9 trillion helicopter that I can get for free is heading for the economy. How can I protect myself from this? If a regulator is opening now so that I can allocate funds to cryptocurrency, why not? When facts change, I change.
The cable star, businessman, and former politician isn’t the only big name in the industry to turn to cryptocurrency and NFTs. Two examples are Elon Musk and O’Leary co-host Mark Cuban. Both are incredibly wealthy, powerful in the financial arena, and have also jumped onto the cryptocurrency board after initial skepticism.
When it comes to the NFT marketplace, O’Leary appreciates this technology because of its use in many different fields. Artists, musicians, athletes, game developers and fashion icons have already found their place in the NFT market.
Part of the future
O’Leary believes that NFTs are an integral part of the future of music and a means of protecting property. “When you record a track and it’s copied thousands of times, with this technology, the original artists or their estates, after they pass, will continue to receive money,” he explained.
This refers to smart contracts or collections of code that execute instructions on the blockchain. They allow the creators of any NFT to earn royalties as their creations are sold and resold online.
It’s a decision that has plagued artists and people trying to authenticate art for generations, ”said O’Leary. “The whole problem goes away with this digital tracking. This is the best way to think about it. You are actually typing something there that can never, never be stolen or copied, and you can always trace it back to the author. I think it will be phenomenal.
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