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).
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:
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.
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.
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.