If you think that NFTs are just a passing trend, think again. Visa’s entry into the NFT world shows that you are overlooking a huge opportunity.
“NFTs mark a new chapter for digital commerce,” is how Visa thinks about non-fungible tokens (NFTs). On the Visa blog, the head of the company’s cryptocurrency business, Cuy Sheffield, spoke out about NFTs, specifically their potential uses and what this sector is all about.
To briefly 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.
Sheffield said CryptoPunks has become a “cultural icon for the crypto community.”
The American firm is extremely confident about the future of NFTs, and it wanted to prove it by purchasing a CryptoPunk itself, no. 7610, to be exact. Visa paid 50 ETH to get this NFT, which is almost $150,000 dollars at the time of purchase, which occurred on August 18.
To conduct this transaction, Visa approached Anchorage Digital, the first nationally licensed crypto bank in the United States.
Towards a new era?
In addition to this history-making move for the non-fungible token industry, Visa spoke directly to the potential impact that NFTs will have in the near future.
“We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce,” & “To help our clients and partners participate, we need a firsthand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT.”
Visa is expected to say more about its future involvement in the NFT industry in the upcoming months. The company is already working on new concepts and partnerships to support buyers, sellers, and creators of NFTs.
This initiative by Visa, which has been already crypto-friendly for some time now, could give an immeasurable boost to CryptoPunks, but especially to the non-fungible token ecosystem as a whole.
Learn everything you can about NFT, and don’t miss this growing market!