Visa enters the world of NFTs with CryptoPunks
“NFTs mark a new chapter for digital commerce”, this is how Visa views non-fungible tokens (NFTs). On the Visa blog, the head of the company’s cryptocurrency division, Cuy Sheffield, spoke about NFTs, in particular their potential uses and what this sector is so successful for.
To succinctly explain why someone would want an NFT, Cuy Sheffield takes the example of CryptoPunks, that very famous collection of 10,000 Punks, all snapping up for tens of thousands of dollars an hour. writing these lines.
“Take the example of CryptoPunks, a collection of pixel art images. What started out as an artistic experience quickly became a cultural icon for the crypto-community, ”adds Cuy Sheffield.
The American company is extremely confident about the future of NFTs, and it wanted to prove it by buying itself a CryptoPunk, number 7610 more exactly. Visa thus spent 50 ETH to obtain this NFT, or nearly 150,000 dollars during the purchase, which took place on August 18.
“Over the past 60 years, Visa has built up a collection of historic business artifacts – from the first paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk # 7610 to its collection, ”said Cuy Sheffield.
To complete this transaction, Visa has approached Anchorage Digital, the first nationally licensed crypto-bank in the United States.
CryptoPunk bought by Visa for $ 150,000 – Source: Larva Labs
A new era begins for NFTs?
In addition to this historic initiative for the non-fungible token industry, Visa spoke directly about the potential impact that NFTs will have in the near future.
“We believe that NFTs will play an important role in the future of retail, social media, entertainment and commerce. To help our customers and partners participate, we need a first-hand understanding of the infrastructure requirements for a global brand to purchase, store and operate an NFT. “
The company has also published a whitepaper entirely dedicated to NFTs, this document having been created to help Visa partners understand how to integrate these tokens into their ecosystems, and how Visa can support them in this process.
In the coming months, Visa is expected to say more about its future implications in the NFT industry. The company is already working on new concepts and partnerships to support buyers, sellers and creators of NFTs.
This Visa initiative, which has been crypto-friendly for some time now, could put an immeasurable spotlight on CryptoPunks, but especially the non-fungible token ecosystem as a whole.
“We can envision a future in which your digital wallet address becomes as important as your mailing address,” Visa concludes in its release.
👉 On the same theme – Alibaba launches an NFTs platform for the sale of copyright
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About the author: Clément Wardzala
Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have endeavored to share qualitative content so that the sector is democratized among everyone.
All articles by Clément Wardzala.