Kevin O’Leary is shifting focus from NFTs and investing millions into rare physical collectibles, particularly high-end sports cards.
The “Shark Tank” star and chairman of O’Leary Ventures recently co-acquired a $13 million dual Logoman card featuring Kobe Bryant and Michael Jordan. This unique card is seen by O’Leary—often referred to as “Mr. Wonderful”—as a cornerstone of his expanding collection of unique collectibles.
“The majority of the returns over 20 years have accrued to collectors who bought the piece uniques,” O’Leary noted, paralleling this approach to his long-term investments in Andy Warhol art and luxury watches. Instead of outbidding others, O’Leary collaborated with two investors to purchase the card. “I’d rather own 33 and a third of it than zero,” he remarked.
Investing millions into rare sports cards is not merely a passion project; it’s a calculated strategy. “It once traded for $75,000 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 similarities with tokenization, O’Leary is clear that he has no interest in NFTs.
“NFTs turned out to be a fad,” he stated. “I’m only buying 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 strong rejection of NFTs comes just a few years after the market boomed. In 2021, trading on NFT marketplaces escalated to $25 billion, a sharp rise from just $95 million the previous year. Celebrities like Snoop Dogg, Paris Hilton, and Steph Curry quickly launched collections, while major brands such as Nike, Adidas, and Coca-Cola entered the scene.
However, the excitement was short-lived. NFT sales dropped over 80% by mid-2022 amid a broader crypto decline, and prices for notable collections like Bored Ape Yacht Club and CryptoPunks fell significantly, according to the data.
O’Leary’s concern with NFTs centers on their lack of physical presence. “Where is the asset? Where can I touch it? That’s what you can’t do with an NFT.”
However, he mentioned that his collectibles “will one day be tokenized,” as that would simplify management within an index.
Wall Street on chain
O’Leary presents this shift as part of a broader vision: “Wall Street on chain.”
He believes blockchain technology can transform asset management by enhancing transparency, liquidity, and trust in markets that still depend heavily on intermediaries.
He maintains a positive outlook on foundational cryptocurrencies like bitcoin and Ethereum, as well as on infrastructure plays such as mining operators and exchanges.
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