NFTs could become 'a much bigger, more fluid market' than bitcoin, 'Shark Tank' investor Kevin O'Leary predicted.
However, there are concerns about the sustainability of the market. Some have compared it to the initial coin offering frenzy of 2017, which saw several investors get defrauded by betting on start-ups through unregulated token sales. Meanwhile, there have been a number of scams and instances of stolen art, raising red flags for some traders.
Around 40% of new checks O'Leary has written in the last six months were for crypto and blockchain-related ventures.O'Leary stressed the importance of ensuring crypto becomes regulated. Regulators in the U.S. and elsewhere are racing to catch up with developments in the market to prevent potential money laundering and protect consumers from financial harm.
He cited Canada, his home country, as an example of a jurisdiction that is more progressive than others on the issue of crypto. O'Leary also cited the United Arab Emirates and Switzerland as other countries that are opening up to crypto.
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