Visa, which has shown interest in cryptocurrencies and blockchain technology for quite some time, has made its first major purchase in the NFT market.
The payment service provider has invested in NFT CryptoPunk 7610 from the most famous series of non-exchangeable tokens. Additionally, Cuy Sheffield (Head of Crypto at Visa) described NFT as the intersection of culture and commerce.
Visa buys CryptoPunk’s first NFT
The purchase of NFT from the popular series is a big step for the entire NFT market, especially since the cryptocurrency enthusiast community has been split into two groups for quite some time. The first one is eager to invest in digital works of art regardless of whether they depict works of famous artists(State Hermitage Museum will issue NFT) or a photograph of adog (A dogecoin-related photo sold for $4 million). The second group believes that NFT is the easiest way to legalize money from various unusual sources. For details, see the article NFT: digital art or money laundering method?
Although we have repeatedly described purchases on the NFT market, where the value of transactions reached several hundred thousand or even several million dollars, these were usually anonymous transactions. Thus, with its latest purchase, Visa has shown that even the biggest giants of the traditional finance market are interested in the modern art market, which the head of the cryptocurrency division considers an intersection of culture and commerce:
“NFTs are an intersection of culture and commerce.”
CryptoPunk for $150,000
For its first NFT, Visa chose CryptoPunk 7610, one of less than 4,000 (out of a total pool of 10,000) tokens depicting a female character. The price the payment service provider paid for the token was around $150,000. In addition to their varying genders, the CryptoPunk NFTs also differ in unique features.
The head of cryptocurrency at Visa sees the purchase of the CryptoPunk NFT as a great addition to its collection of artifacts that can celebrate the past, present and future of commerce.
“We felt that CryptoPunks would be a great addition to our collection of artifacts that can chart and celebrate the past, present, and future of commerce.”
The collection, which Visa owns, also includes some of the the first credit cards and the devices used for card payments before electronic terminals were introduced.