One of the largest third-party payment processors globally, Visa, just went ahead and bought their first Non-Fungible Token (NFT). NFTs are a hot topic in the cryptoverse currently, and many crypto traders are rushing in at the opportunity of making handsome returns from this new niche.
Visa Buy the Rare CryptoPunks NFT Art Collection
Visa bought Cryptopunks 7610for a whopping 49.50 ETH or appx. $149,939 (at the time of the purchase). For those new to NFTs, CryptoPunks are 10,000 collectible characters that are mintable on the Ethereum blockchain. The developers over at Larvalabs created these CryptoPunk NFTs, and their scarcity makes them insanely valuable. Visa openly tweeted to their over 100,000 followers stating that they support the “creators, collectors, and artists” pushing for the success of NFT-commerce.
This news comes just a few weeks after Axie Infinity NFTs made record-breaking sales of over $1 Billion. If Visa is looking to corner the market, then NFTs will present ample opportunity. According to CryptoSlam, a data analysis platform for NFTs, 90 NFTs from the CryptoPunks collections got sold off the next hour following the Visa purchase. This flash sale amounted to a total of $20 million.
Interview with Head of Crypto at VISA
Cuy Sheffield, the Head of Crypto at Visa, in an interview, emphasized the importance of NFTs. He said that NFTs are essential in bridging culture and commerce. Mr. Sheffield thinks that NFTs could revolutionize the gaming, ticketing, music, and art industry in the future. This is evident in the recent noticeable sharp rise in NFT trading volume.
READ ALSO: How to Buy CryptoPunks NFT
Sheffield also confirms that Visa wants to “help brands and businesses better understand NFTs.” As a leading global company in payment processing, utility and use cases are critical components in success. Therefore, Mr. Sheffield expressed his interest in “how they might be harnessed for customer and fan engagement.”
The purchase signals Visa’s support for this budding industry and will lure other companies into the NFT economy. Mr. Sheffield is convinced that time, curiosity, open-mindedness, and active experimentation are what will catapult NFTs into the mainstream arena. To this end, Mr. Sheffield said, “Looking ahead, we’re working on some new concepts and partnerships that support NFT buyers, sellers, and creators.” He adds, “We look forward to sharing more in the months ahead.” This remark can only mean that this is not the last we will hear of Visa in the NFT-talk.
NFTs are well on their way to legitimization. They will soon be accepted as actual digital products since their use case for art has already been so perfectly demonstrated. However, as Mr. Sheffield states, experimentation with NFTs, especially in industries like the real estate industry, could present a stable ground for NFT mainstream acceptance.
The Road Ahead
All eyes are now on Visa to see which crypto projects they partner with. Visa’s entrance into the NFT-commerce economy might present a more significant opportunity to the cryptoverse as a whole, especially the Ethereum main net. A quick survey of chatter in CryptoTwitter (CT) revealed an exciting trend: The NFT purchase had to involve Ethereum (ETH). Big companies such as Visa using Ethereum (ETH) to buy NFT further reinforces that Crypto is inevitable. The road ahead is full of possibilities.