Visa Enters the Digital Collectible Market and Buys a Cryptopunk NFT
NFTs are back in mainstream
Visa has entered the digital-collectibles market by purchasing a Cryptopunk NFT or Cryptopunk 7610 for about US$ 150,000 (AU$ 208,088). The purchase was made on purchase on August 18, 2021, for 49.5 ether.
Visa buys an NFT
Talking about the acquisition, Visa said that it was “jumping in feet first” in order to help its clients understand this unique space better.
The Head of Crypto at Visa, Cuy Sheffield, talked about Cryptopunk NFT acquisition and said
“What began as an early artistic experiment has quickly become a cultural icon for the crypto community.” He added, “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.”
The purchase of Cryptopunk NFT was completed by Sheffield in conjunction with Anchorage Digital. He said that the NFTs would play a key role in the future of social media, retail, commerce, and entertainment.
It is not surprising to know that the Crypto Head at Visa is excited about the Cryptopunk NFT acquisition as he is a self-proclaimed NFT enthusiast. He also stated that he is confident that NFTs can possibly become a “powerful accelerator for the creator economy and lower the barrier to entry for individual creatives to earn a living through digital commerce.”
Over the last 60 years, Visa has built a collection of historic commerce artifacts – from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection. https://t.co/XoPFfwxUiu
— VisaNews (@VisaNews) August 23, 2021
Citing the rise of e-commerce, he mentioned how small and medium-sized businesses could harness blockchains to produce digital goods. He also said, “We can envision a future in which your crypto address becomes as important as your mailing address.” he said.
The acquisition of Cryptopunk NFT by Visa is a key milestone for Cryptopunks. They have been offered for sale on many occasions by auction houses like Sotheby’s and Christie’s. The acquisition of Cryptopunk NFT by Visa is great also because an hour after the news of the acquisition hit, 90 Cryptopunks were purchased. By the early afternoon, 203 more Cryptopunks were also purchased, and this number might increase with time.
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