Visa announces its purchase of a CryptoPunk NFT for $150,000 in Ethereum (ETH), jumping into the NFT metaverse. The payment giant has purchased CryptoPunk #7610, as it believes NFTs mark a new chapter of digital commerce.
The purpose behind Visa’s CryptoPunk NFT purchase is to learn more about the growing NFT market, according to Visa’s head of crypto, Cuy Sheffield. “We think NFTs will play an important role in the future of retail, social media, entertainment and commerce,” Sheffield says. “To help our clients and partners participate, we need a firsthand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT.”
Following the news of Visa’s purchase, prices of CryptoPunks NFTs surged in the next hour, recording $20 million in sales. Thereby, on Monday, sales volumes of CryptoPunks topped $86 million, a daily record.
“We can envision a future in which your crypto address becomes as important as your mailing address,” Sheffield says. The Visa executive believes NFTs can give small businesses an opportunity to harness public blockchains for producing digital goods—which can be delivered instantly to a crypto wallet. “We expect a huge range of new cases in the years ahead.”
Who’s Next In Line For NFT Metaverse Commerce?
Therefore, Visa plans to help its clients better understand NFTs, as the payment giant is exploring the NFT opportunities. “We can apply our expertise in enabling seamless and secure digital payments to make NFT-commerce accessible and usable for buyers and sellers.”
Visa purchased the CryptoPunk NFT for a price of 49.5 ETH, with Anchorage facilitating the transaction and NFT custody. Earlier this year, Visa partnered with Anchorage to settle payments in the USDC stablecoin on Ethereum.
Meanwhile, a number of media publications, including The New York Times and Fortune magazine, are selling NFTs of their own. Visa says it doesn’t expect to be the last major institution to purchase an NFT. Additionally, Time Magazine has partnered With Cool Cats NFT project to create 400 limited edition NFTs.
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