Visa will now sport a CryptoPunk NFT in its art collection

Payments technology company Visa continues to expand its interest in the world of cryptocurrencies. Now, it is betting on non fungible tokens (NFT), with the purchase of CryptoPunk 7610.

CryptoPunks have become a cultural icon for the cryptocurrency community since their launch in 2017 and Visa wanted to be part of that group with the acquisition of the NFT for a price of 49.50 ETH or USD 150,000.

On this occasion, Visa acquired CryptoPunk 7610, one of the 3,840 girls with punk aesthetics, collectibles that are characterized by having a mohawk, green eyes and bright red lips, among other features reminiscent of iconic bands like the Sex Pistols, The Casualties or The Exploited.

To finalize the purchase of the NFT, Visa turned to Anchorage Digital, a digital asset platform for institutions, who were in charge of facilitating the transaction. Anchorage will also have custody of NFT for the payments company.

Both companies, earlier this year, also worked together to settle payments in the stablecoin USDC on Ethereum, as reported by

CryptoNews.

It is worth remembering that CryptoPunks

are a series of 10,000 collectible images. Each piece, is a unique 24×24 pixel image, created algorithmically, which has its own profile describing its characteristics. They were among the first NFTs to exist and certainly one of the most popular collectibles in the ecosystem. Visa will now sport a CryptoPunk NFT in its art collection Visa will now sport a CryptoPunk NFT in its art collection Visa acquired the CryptoPunk 7610 NFT for 49.50 ETH or USD 150,000. Source: Larva Labs.

Visa believes NFTs are critical to retail

Cuy Sheffield, Visa’s director of cryptocurrencies and NFT enthusiast, said

that the company believes NFTs are the best way for

retailers

to use NFTs. “will play an important role in the future of retail, social media, entertainment and commerce”.

In that sense, the executive explained that they have decided to enter this market with the aim of understanding how it works and thus help their customers and partners to participate in the whole process involved in investing in this area.

Likewise, they hope to train buyers and sellers, helping to connect or facilitating companies to pay their partners through this new financial tool.

“We also wanted to show our support for the creators, collectors and artists who are driving the future of NFT commerce,” said Sheffield.

Visa believes in NFTs

The company, in acquiring its first NFT, says it is just the beginning for them in this market.

According to Sheffield, NFTs have the potential to become a “powerful accelerator of the economy” for creators and lower the “barrier to entry” for individual creatives to “make a living” through digital commerce.

“NFTs are beginning to usher in a new form of social commerce that empowers both creators and collectors,” the executive said.

Another of Visa’s reasons for going down the NFT route is because it could boost small and medium-sized businesses.

They believe that, with the rise of e-commerce, which was consolidated with the Covid-19 pandemic, NFTs give small businesses “the opportunity to leverage public blockchains to produce digital goods, which can be sent instantly to a cryptocurrency wallet”.

“We can imagine a future where your crypto address becomes as important as your mailing address,” Sheffield added.