Visa revealed on August 23 that it had purchased an NFT named CryptoPunk for the amount of around 50 ETH, which is about $160k. This is awesome news for us, as it shows that the United States-based online payment giant continues to show its support towards the cryptocurrency scene.
Huge announcement: Visa buys NFT called “CryptoPunk”
The global payment technology company posted on Twitter on August 23, announcing its followers regarding CryptoPunk # 7610. The NFT consists of a digital avatar.
The transaction was completed on August 18, and Visa paid 49.5 ETH for this nonfungible token. According to today’s ETH value, this means that the company’s first NFT acquisition cost about $160,000. Thus, CryptoPunk will join other “historic commercial artifacts” the company owns, including paper credit cards and zip-zap machines.
Furthermore, Visa issued a comprehensive report on the merits and functions of nonfungible tokens and its future strategy: “We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce,” said the head of the Crypto Department at Visa, Cuy Sheffield.
The company is committed to helping its growing number of customers, providing the necessary infrastructure to “buy, store and capitalize on an NFT”. Previously, Visa has collaborated with various companies in the digital assets sector, including Binance, Circle, Simplex, and others. Visa has given the companies above the opportunity to launch credit and debit cards that customers can use for cryptocurrency payments. It indeed seems that Visa is a true believer and supporter of the digital assets scene.
Visa’s involvement in the crypto world
Earlier this year, the CEO of Visa suggested that the company could directly add transactions with digital assets to its payment network, used by millions of people. Along with the whitepaper regarding NFTs that Visa published for businesses, to help them understand how they can use and integrate NFTs into their activity and improve their services, this is highly bullish. Seemingly, giant payment processors and perhaps even banks are continuing to join the community more and more.
You can read the whitepaper on NFTs that Visa has published here
According to Sheffield, the company is already involved in discussions with many of its business clients to get involved in accepting NFTs – which also means that the businesses will begin to assist their customers in purchasing Non Fungible Tokens.
Sheffield added, “With our CryptoPunk purchase, we’re jumping in feet first. This is just the beginning of our work in this space.” Visa seems to be the first colossal payment processor to get involved in the cryptocurrency / NFT community.
As you all know by now, NFTs have been among the hottest topics in the crypto industry in the last year. Celebrities, companies, and brands from countless fields have come into play, launching their digital art collections to increase fan engagement. This is just another extremely bullish piece of news that will hopefully continue this ongoing bull market that we’re in.