Visa, the credit card giant, has had a major impact on its emergence in the non-fungible token (NFT) space with its $ 150,000 purchase of CryptoPunk. CryptoPunk is a digital art collection that has pioneered the mainstream culture of the NFT space in 2017. Cuy Sheffield is the head of the crypto at Visa and a self-proclaimed NFT enthusiast. On Monday, in a blog post announcement, Cuy shared his take on the value of buying NFT assets in the digital economy, widespread market growth in recent years, and Visa’s business incentives for this recent investment.
Sheffield said, “To help our clients and partners participate, we need a first-hand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT”. He further continued, “The ability to track and leverage a digital asset in multiple environments could mean exciting new opportunities in ticketing, gaming music, art, and beyond”.
Visa acquired CryptoPunk 7610. It is a female mohawk character with green clown eyes and lipstick. This figure was first claimed back on June 23, 2017. Later, it was first sold after a month for just 0.6 Ether (ETH) that is $114 at the time. Using the built-in open ledger blockchain function, it can be seen that the newly acquired Visa asset on Wednesday was for 49.50 ETH. It is equivalent to $ 149,939. This significant investment in the NFT market stems from Visa’s operations in the crypto market. Its crypto-focused credit and debit cards processed an impressive $1 billion in the first half of 2021.
Crypto Head At Visa Continues
The NFT market saw parabolic growth in the year 2020. Its peak started through the iconic Beeple art sale “Every Day: The First 5000 Days”. It raised over $ 69 million at Christie’s. As we get closer to the second half of 2021, it looks like momentum in space is picking up steam again. Besides, Heavyweight boxing legend Mike Tyson has also recently released a series of tokenized collectibles on the OpenSea platform. According to the latest data, in the last month, the platform processed over 1.18 million transactions. They are worth $1.06 billion. This means that there is a significant increase of 12,000% in 2021. Sheffield concludes his statements on this recent investment by saying:
“We’re a company steeped in the history of commerce and payments — but with our eyes on the future. With our CryptoPunk purchase, we’re jumping in feet first. This is just the beginning of our work in this space.”
For more news related to NFT, visit the website.