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.
The content of this webpage is not investment advice and does not constitute any offer or solicitation to offer or recommend any investment product. It is for general purposes only.
Metexit! Facebook, now Meta, has seen an executive exodus with an executive at its cryptocurrency division leaving the company. Rob Collier, former head of consumer
United States Federal Reserve chair Jerome Powell opens the door to interest rate hikes next year. Also, Powell is not concerned about cryptocurrencies disrupting financial
Elon Musk, Time’s Person of the Year for 2021, has his carmaker Tesla start accepting meme coin Dogecoin. Customers can use the meme-based cryptocurrency to
Blockchain yes, bitcoin no? HSBC and Wall Street bank Wells Fargo announce a blockchain solution for the foreign exchange (FX) settlement. The two banks will
Is India accepting bitcoin as legal tender? A free bitcoin airdrop to all residents? Just a fake tweet from India Prime Minister Narendra Modi’s twitter
WhatsApp ventures into instant cryptocurrency payments, launching a trial in the US as a first step. Would it be a welcoming signal from the US