Visa bought CryptoPunks NFT for 49.5 ETH, the equivalent of about $165,000.
Visa is the scourge of NFT. The payments giant not only believes that “NFT will play an important role in the future of retail, social media, entertainment and commerce”, but also sacrifices it.
“To help customers and partners engage, we needed an early understanding of the global brand infrastructure requirements for purchasing, storing and deploying NFTs.” To this end, the purchase of Visa CryptoPunk symbolizes – at least in relation to Visa – the NFT, which “symbolizes the joy and possibility of this special cultural moment”.
Cut Sheffield, Head of Crypto at Visa, has also found a particular interest in cross-section of NFT and sports. “NFT is gaining traction as the first digital memory,” he said in a statement released today, adding, “We expect a large number of new cases in the coming years.”
How Visa Can Play a Role in the NFT Market
According to Sheffield, Visa can enable “safe trade” in the NFT industry.
In the near future, this includes helping brands and companies better understand the NFT market – and how it can help these organizations with customer loyalty.
Visa continues to develop “new concepts and partnerships” to help NFT buyers, sellers and creators. “We look forward to sharing more in the months to come,” said Sheffield.
“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,” VISA said in a tweet announcing the news.