Visa enters the world of NFTs with CryptoPunks
“NFTs mark a new chapter for digital commerce,“ is how Visa views non-fungible tokens (NFTs). On the Visa blog, the head of the company’s cryptocurrency business, Cuy Sheffield, spoke out about NFTs, particularly their potential uses and what this sector is all about.
To succinctly explain why someone would want an NFT, Cuy Sheffield uses the example of CryptoPunks, that very famous collection of 10,000 Punks, all snapping up for tens of thousands of dollars at the time of writing.
“Take CryptoPunks, a collection of pixel art images, for example. What started out as an art experiment quickly became a cultural icon for the crypto community,” adds Cuy Sheffield.
The American company is extremely confident about the future of NFTs, and this one wanted to prove it by purchasing a CryptoPunk itself, number 7610 to be exact. Visa thus paid 50 ETH to get this NFT, or nearly $150,000 when the purchase took place on August 18.
“Over the past 60 years, Visa has built a collection of historic business artifacts – from the first paper credit cards to the zip-zap machine. Now, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to its collection,” says Cuy Sheffield.
To carry out this transaction, Visa approached Anchorage Digital, the first nationally licensed crypto bank in the United States.
CryptoPunk purchased by Visa for $150,000 – Source: Larva Labs
A new era begins for NFTs?
In addition to this landmark move for the non-fungible token industry, Visa has spoken directly about the potential impact that NFTs will have in the near future.
“We believe that NFTs will play an important role in the future of retail, social media, entertainment and commerce. To help our customers and partners participate in this, we need a first-hand understanding of the infrastructure requirements for a global brand to purchase, store and operate an NFT.”
The company also published a whitepaper entirely dedicated to NFTs, which was created to help Visa’s partners understand how to integrate these tokens into their ecosystems, and how Visa can support them in this process.
In the coming months, Visa is expected to say more about its future involvement in the NFT sector. The company is already working on new concepts and partnerships to support buyers, sellers and creators of NFTs.
This move by Visa, which has already been crypto-friendly for some time now, could give an immeasurable boost to CryptoPunks, but more importantly to the non-fungible token ecosystem as a whole.
“We can envision a future in which your digital wallet address becomes as important as your postal address,” Visa concluded in its statement.
Related news – Alibaba launches NFT platform for selling copyrights
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About the author : Clément Wardzala
Editor-in-Chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I’ve been striving to share qualitative content so that the sector can be democratized to everyone.
All articles by Clement Wardzala.