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Visa joins the NFT sector, buying the nonfungible token CryptoPunk

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Visa, a giant in the field of payment technology, announced on Monday that it has bought CryptoPunk as it enters the world of trade with nonfungible tokens (NFT).

Visa bought NFT CryptoPunk

Visa bought CryptoPunk 7610, one of 3,840 female punk, for about $ 150,000. CryptoPunks are considered to be the first NFT, launched in 2017 by Larva Labs. This is a collection of 10,000 pixel images of heads. Each CryptoPunk is unique.

“We felt that CryptoPunk would be a great addition to our collection of artifacts that map the past, present and future of business.”

Visa owns several historical pieces related to business as part of its art collection, including early paper credit cards and a reader that merchants used to record credit card transactions before the advent of electronic terminals.

Asked why Visa added CryptoPunk to the collection, Visa head of crypto Cuy Sheffield said that CryptoPunks “are pioneers of NFT technology, so Visa wanted to own punk.” He said the decision was not about individual punk, but about CryptoPunks in general, given that it was a historic NFT project.

Visa has partnered with Anchorage Digital to purchase CryptoPunk, which means that Anchorage has facilitated the transaction and manages the NFT for Visa, Sheffield said. “We bought the NFT with a Fiat,” he said.

Visa believes that the NFT will play an important role in the future of the business

NFTs can help individual content creators and small and medium-sized businesses in a new way, Sheffield said. “NFTs are an intersection of culture and trade,” he added.

Sheffield compared the NFT to the beginnings of e-commerce. E-commerce has enabled a small business to sell online and reach customers around the world. Thus, NFTs allow anyone to use a public blockchain to create digital goods that can be immediately delivered to a crypto wallet anywhere in the world, Sheffield said. “We can imagine a future where a crypto address will become as important as your mailing address,” he said.

Visa is seeing “quite significant interest from retailers, brands and content platforms looking to join the NFT sector. So now we are committed to helping clients navigate the ways they can participate in the commercial NFT ecosystem, ”said Sheffield.

Visa published whitepaper about NFT, which is intended to help companies understand how they can integrate NFT into their platforms and how VISA can help. The company is currently “actively working with a number of clients to help them understand the NFT ecosystem,” Sheffield said, but declined to provide specific names.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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