Kevin O’Leary’s $13M Bet on Rare Sports Card
The post Kevin O’Leary’s $13M Bet on Rare Sports Card appeared on BitcoinEthereumNews.com. Kevin O’Leary is turning away from NFTs and putting millions into rare, physical collectibles, specifically high-end sports cards. The “Shark Tank” star and O’Leary Ventures chairman recently co-purchased a $13 million dual Logoman card featuring Kobe Bryant and Michael Jordan, he said during an interview with CoinDesk TV’s Jennifer Sanasie. The card is one-of-a-kind, and O’Leary—often called “Mr. Wonderful”—sees it as a cornerstone of his growing “index” of unique collectibles. “The majority of the returns over 20 years have accrued to the collectors who bought the piece uniques,” O’Leary said, comparing the strategy to his long-standing investments in Andy Warhol art and luxury watches. Rather than outbidding others, O’Leary partnered with two investors to acquire the card. “I’d rather own 33 and a third of it than zero,” he said. Pouring millions into rare sports cards isn’t a passion project—it’s a calculated bet. “It once traded for $75,000 years and years ago, but it shows you the price appreciation,” O’Leary said. “Grown men are going to weep when they see this,” he added. Tokenization over NFTs Despite the overlap with tokenization, O’Leary made it clear that he has no interest in NFTs. “NFTs turned out to be a fad,” he said. “I’m only buying assets that are physical assets… That [NFT] fad came and went. I’m very fortunate I didn’t get involved in that because I never understood it.” O’Leary’s sharp dismissal of NFTs comes just a few years after the market exploded in popularity. In 2021, trading volume on NFT marketplaces surged to $25 billion, up from just $95 million the year before, according to data from DappRadar and Chainalysis. Celebrities like Snoop Dogg, Paris Hilton and Steph Curry rushed to launch collections, while major brands including Nike, Adidas and Coca-Cola entered the space. But the hype was short-lived.…
The post Kevin O’Leary’s $13M Bet on Rare Sports Card appeared on BitcoinEthereumNews.com.
Kevin O’Leary is turning away from NFTs and putting millions into rare, physical collectibles, specifically high-end sports cards. The “Shark Tank” star and O’Leary Ventures chairman recently co-purchased a $13 million dual Logoman card featuring Kobe Bryant and Michael Jordan, he said during an interview with CoinDesk TV’s Jennifer Sanasie. The card is one-of-a-kind, and O’Leary—often called “Mr. Wonderful”—sees it as a cornerstone of his growing “index” of unique collectibles. “The majority of the returns over 20 years have accrued to the collectors who bought the piece uniques,” O’Leary said, comparing the strategy to his long-standing investments in Andy Warhol art and luxury watches. Rather than outbidding others, O’Leary partnered with two investors to acquire the card. “I’d rather own 33 and a third of it than zero,” he said. Pouring millions into rare sports cards isn’t a passion project—it’s a calculated bet. “It once traded for $75,000 years and years ago, but it shows you the price appreciation,” O’Leary said. “Grown men are going to weep when they see this,” he added. Tokenization over NFTs Despite the overlap with tokenization, O’Leary made it clear that he has no interest in NFTs. “NFTs turned out to be a fad,” he said. “I’m only buying assets that are physical assets… That [NFT] fad came and went. I’m very fortunate I didn’t get involved in that because I never understood it.” O’Leary’s sharp dismissal of NFTs comes just a few years after the market exploded in popularity. In 2021, trading volume on NFT marketplaces surged to $25 billion, up from just $95 million the year before, according to data from DappRadar and Chainalysis. Celebrities like Snoop Dogg, Paris Hilton and Steph Curry rushed to launch collections, while major brands including Nike, Adidas and Coca-Cola entered the space. But the hype was short-lived.…
What's Your Reaction?
