Kevin O’Leary is pivoting from NFTs towards investing millions in rare physical collectibles, notably high-end sports cards.

The ‘Shark Tank’ star and O’Leary Ventures chairman recently announced a co-purchase of a one-of-a-kind $13 million dual Logoman card featuring Kobe Bryant and Michael Jordan. He shared this news during an interview with CoinDesk TV’s Jennifer Sanasie, stating that this card is crucial to his expanding portfolio of unique collectibles.

“The majority of the returns over 20 years have accrued to the collectors who bought the piece uniques,” said O’Leary. He likened this strategy to his long-term investments in Andy Warhol art and luxury watches, and opted to partner with two investors to acquire the card: “I’d rather own a third than nothing at all.”

Investing millions into rare sports cards is not just a nostalgic pastime for O’Leary; it’s a strategic move. “It once traded for $75,000 years ago, demonstrating its price appreciation,” he remarked.

While he acknowledges the overlap between tokenization and NFTs, O’Leary has firmly dismissed NFTs as a passing trend:

“NFTs turned out to be a fad. I’m solely interested in physical assets… That fad has come and gone, and I’m fortunate to have avoided it as I never grasped its appeal.”

His criticism of NFTs stems from their lack of physical existence. “Where is the asset? Where can I touch it with my gloved hand? That’s something you can’t do with an NFT,” he stated. Nonetheless, O’Leary believes his collectibles will eventually be tokenized because it would facilitate easier management within an index.

O’Leary views this movement as part of a greater initiative: “Wall Street on chain.” He envisions blockchain technology enhancing the management of assets, increasing transparency, liquidity, and trust in markets reliant on intermediaries. He remains optimistic about foundational cryptocurrencies such as bitcoin and Ethereum, alongside underpinning infrastructure like mining operations and exchanges.