NFTs have received a ton of attention lately as prices have skyrocketed for NFTs representing digital art and other collectibles. Meanwhile, other use cases are being developed given the utility of using NFTs to authenticate physical items and track ownership.
Kevin O’Leary is a well-known investor who has come around to cryptocurrencies and NFTs. In this interview, he discusses his approach to how he invests in crypto and how he selects coins.
He also discusses a very interesting use for for NFTs . . . collectible watches:
I think non-fungible tokens are going to be bigger than bitcoin. They offer so much value around authentication, inventory management and all kinds of use cases in different asset classes. I prefer NFTs tied to hard assets, physical assets; the one that I’m working on developing a white paper for is the watch industry. I’ve invested in that because we have so much fraud in watch collecting, which we can eliminate by using some very high resolution scanning of dials linked to NFTs, so that the watchmaker can identify what they made, when they made it and who owns it.
If you’re into collecting watches, be prepared to begin using NFTs in connection with purchasing and selling rare watches.