Visa Takes First Step Into NFTs With CryptoPunk Purchase for Almost $150K
Credit card giant Visa has made a high investment in the NFT space by acquiring a female CryptoPunk for around $150,000. Visa’s head of #crypto, Cuy Sheffield, said that the goal behind the purchase was to learn more about the growing market of the non-fungible token.
The payments technology company Visa announced Monday that they had bought CryptoPunk 7610.
CryptoPunks, of which 10,000 have been minted, are considered to be the original NFTs. CryptoPunk 7610 is one of 3,840 “female” punks.
A collection of nine rare CryptoPunks that were among the first 1,000 minted fetched almost $17 million in an auction at Christie’s in May this year.
Visa’s head of crypto Cuy Sheffield said in a blog post that the main purpose behind Visa’s purchase was to learn more about the growing market. “We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce,” Sheffield wrote. “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.”
He also said Visa wanted to signal its support for the creators, collectors and artists that are developing NFT commerce, as well as to “collect an NFT that symbolizes the excitement and opportunity of this particular cultural moment.”
Sheffield further compared NFTs to the early days of ecommerce in which small businesses were empowered to sell online and reach customers worldwide. “We can envision a future in which your crypto address becomes as important as your mailing address,” Sheffield wrote.
Following the news of Visa’s purchase, a further 90 CryptoPunks NFTs were snapped up in the next hour for combined sales of around $20 million.
