Visa, one of the world’s leading third-party payment processors, recently purchased their first Non-Fungible Token (NFT). NFTs are currently a popular topic in the crypto-verse, and many crypto traders are jumping at the chance to profit handsomely from this new specialty.
Buy Rare CryptoPunk NFT Art via Visa
Visa paid 49.50 ETH (about $149,939 USD) for Cryptopunks 7610. (at the time of the purchase). CryptoPunks, for those unfamiliar with NFTs, are 10,000 collectible characters that may be minted on the Ethereum blockchain. These CryptoPunk NFTs were manufactured by Larvalabs, and their scarcity makes them extremely valuable. Visa publicly stated to their over 100,000 followers that they support the “creators, collectors, and artists” who are working to make NFT-commerce a success.
This news comes just a few weeks after Axie Infinity NFTs set a new sales record with over $1 billion in sales. If Visa wants to dominate the market, NFTs will provide plenty of opportunities. 90 NFTs from the CryptoPunks collections were sold off the next hour after the Visa transaction, according to CryptoSlam, a data analysis tool for NFTs. The total amount raised in this flash sale was $20 million.
In an interview, Cuy Sheffield, Visa’s Head of Crypto, underlined the relevance of NFTs. He believes that NFTs are critical in bridging the gap between culture and commerce. Mr. Sheffield believes that in the future, NFTs will alter the gaming, ticketing, music, and art industries. This may be seen in the recent dramatic increase in NFT trading volume.
Sheffield also acknowledges Visa’s desire to “assist brands and companies in better understanding NFTs.” Utility and use cases are important components in the success of a worldwide leader in payment processing. Mr. Sheffield is interested in “how they may be exploited for consumer and fan engagement,” as a result.
The purchase demonstrates Visa’s commitment to the nascent market and will entice additional businesses to join it. Time, curiosity, open-mindedness, and active exploration, according to Mr. Sheffield, will catapult NFTs into the mainstream. “Looking ahead, we’re working on some new concepts and collaborations that help NFT customers, sellers, and creators,” Mr. Sheffield added. “We look forward to revealing more in the months ahead,” he says. This remark can only suggest that Visa will be mentioned again in the NFT-discussion.
NFTs are on their way to becoming legitimate. Because their use case for art has already been so clearly shown, they will soon be regarded as true digital items. However, as Mr. Sheffield points out, NFT experimentation, particularly in industries such as real estate, may provide a firm basis for NFT popular acceptance.
All eyes are on Visa to see which cryptocurrency projects they will support. Visa’s entry into the NFT-commerce industry may present the crypto-verse as a whole, particularly the Ethereum main net, with a more important opportunity. A short scan of the CryptoTwitter (CT) discussion revealed an intriguing trend: the NFT purchase had to include Ethereum (ETH). The use of Ethereum (ETH) by large corporations like Visa to purchase NFT further proves that crypto is here to stay. The road ahead is brimming with opportunities.
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