Visa Forays into NFTs With CryptoPunk Purchase Worth $165K

Divya  |  Aug 24, 2021

Multinational payments giant Visa has taken its first steps into the NFT space by purchasing a female CryptoPunk collectible for 49.5 Ether tokens (equivalent to $165,000 at the current price).

Visa Snags CryptoPunk NFT  for Over $165K

On August 23, Visa published a blog detailing its first NFT purchase and the reasons that compelled the company to pivot towards digital collectibles. Visa has reportedly acquired CryptoPunk 7610, which is one of the 3,840 female “punks” out there. The company worked with the digital asset platform Anchorage Digital to secure its token.  

Speaking on the significance of this investment, Visa’s crypto head, Cuy Sheffield said:

“We wanted to collect an NFT that symbolizes the excitement and opportunity of this particular cultural moment. 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.”

Going forward, the California-based company hopes to make NFT commerce more accessible by providing seamless payment options to customers. It is also working on potential partnerships that support nonfungible token buyers, sellers, and creators. 

Visa’s entry into NFTs comes amid a resurgence in the market -- which has recently crossed $1 billion in monthly trade volumes. As reported previously, NFT marketplace OpenSea became the first platform of its kind to rack up over $1.2 billion in payment volumes. 

Visa Believes in NFTs Potential to Uplift Small Businesses and Creators

In Visa's recent post, Sheffield indicated that there could be a range of new use cases for NFTs in the future. He also emphasized that NFTs would allow smaller businesses to reach more customers and that too in a short period.

“NFTs give small businesses an opportunity to harness public blockchains for producing digital goods—which can be delivered instantly to a crypto wallet. We can envision a future in which your crypto address becomes as important as your mailing address.” 

From a commercial perspective, Sheffield sees NFTs making huge strides in ticketing, gaming music, art, and other entertainment-related fields. He specifically pointed their capability of connecting fans with their favorite artists through powerful communities that redefine engagement. 

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