Visa nft purchase

Visahas entered theNFTworld by purchasing one of the famousCryptoPunks. To be precise, it bought theCryptoPunk7610for about $150,000, at 49.50 ETH.

Visa chooses NFT CryptoPunks

Visa says that it has always carved out a role for itself as an innovator in the world of technology and payments. That’s why it couldn’t help butenter the Non-Fungible Token sector as well.

The company’s point of view isexplainedbyCuy Sheffield, Head of Crypto at Visa and“NFT Enthusiast.”

“We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce. 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.

Visa nft purchase

We’re excited to work with this growing community to make NFTs useable and accessible in a variety of contexts.”

But why CryptoPunks? There are thousands if not millions of NFTs available for purchase, so why this specific one? The company claims this NFT “symbolizes the excitement and opportunity of this particular cultural moment”.

CryptoPunks were created by Larva Labs and are algorithmically generated and there are just 10,000 with no plans to create more. They’re also the first series of NFTs to generate success in the crypto world, pioneering the entire concept of NFTs. Essentially, owning one now is a symbol of status.

We’ve worked with Anchorage to do this so that we can build the expertise and be better positioned to help clients navigate this space.”

The CryptoPunk collection consists of 10,000 24×24 pixel images of automatically generated avatars. Visa’s CryptoPunk avatar is characterized by a lady with a mohawk and large green eyes.

Over the last 60 years, Visa has built a collection of historic commerce artifacts – from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection.

https://t.co/XoPFfwxUiu

— VisaNews (@VisaNews) August 23, 2021

Visa Plans to Play a Key Role in Metaverse

The craze around NFTs has only touched higher this bull season as every other brand and celebrity is doing some form of NFT promotion or purchase.

Visa nft purchased

For starters, Visa announced this morning its purchase of the NFT with the following tweet:

Over the last 60 years, Visa has built a collection of historic commerce artifacts – from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection. https://t.co/XoPFfwxUiu

— VisaNews (@VisaNews) August 23, 2021

Visa CryptoPunk News: What is a CryptoPunk? Why is Visa Buying in?

  • Visa’s new purchase is a CryptoPunk NFT, titled CryptoPunk #7610. The company bought the NFT on Aug. 18, at a price of $150,000.
  • The NFT is a 24×24 pixel illustration of a “CryptoPunk,” a feminine sprite bearing a mohawk and green eyeliner.
    CryptoPunks are the product of Larva Labs; they are a series of 10,000 unique collectible characters.

Visa nft purchaser

Visa, the payment processing giant has finally joined the highly popular NFT mania with its first-ever purchase. Visa has reportedly bought one of the popular CryptoPunk NFTs, many of which have fetched over a million dollars in the auction. The payment processing giant has spent $150,000 for the digital CryptoPunk 7610.
Visa didn’t directly pay for the avatar and did so in partnership with Anchorage. During the process, Anchorage also became the first-ever US bank to custody an NFT art.

CryptoPunk is considered a blue-chip NFT investment collection as total sales have reached $752 million.

Cuy Sheffield, head of the crypto at Visa said,

“We think that NFTs are going to play a really important role in the future of retail and social media, entertainment and commerce. So we wanted to understand firsthand what it takes to acquire, custody, and interact with an NFT.

Visa nft purchases

By purchasing an NFT, he said Visa is “jumping in feet first.”

The crypto head, who is also a self-proclaimed NFT enthusiast, said he is confident NFTs have the potential to become a “powerful accelerator for the creator economy and lower the barrier to entry for individual creatives to earn a living through digital commerce.”

He cited the rise of e-commerce and how small and medium-sized businesses can harness blockchains to produce digital goods.

“We can envision a future in which your crypto address becomes as important as your mailing address,” he said.

CryptoPunk 7610 is one of 3,840 female punks made by artists Matt Hall and John Watkinson, the founders of Larva Labs, in 2017.

In total, there are 10,000 24 x 24-pixel CryptoPunks with no two that are exactly alike.

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…

We also wanted to signal our support for the creators, collectors, and artists driving the future of NFT-commerce. Enabling buyers and sellers is what we do — whether it’s helping small and micro business owners get online, or making it easier for companies to pay their partners across borders…

Lastly, we wanted to collect an NFT that symbolizes the excitement and opportunity of this particular cultural moment. We’re a company steeped in the history of commerce and payments — but with our eyes on the future. With our CryptoPunk purchase, we’re jumping in feet first.

We envision there could be a future where your crypto address becomes as important as your mailing address,” Sheffield says. “In the same way Visa’s been here through shifts of commerce before, we’re really excited to help drive this new shift of commerce in the future.” The company also plans to purchase more NFTs.

The virtual world of the metaverse is already giving rise to multi-billion dollar marketplaces and opportunities. Blue-chip NFT collections like CryptoPunks, ​​with a sales volume of $752 million, or the $661 million NBA Top Shot, have surged in value this year. Play-to-earn games, such as Axie Infinity, are taking off thanks in part to a swath of users looking for alternative sources of income, especially in countries hard hit by the pandemic.
Earlier this month, Axie became the first NFT game to hit $1 billion in sales.

Non-fungible tokens, or NFTs, are a piece of technology that have left a lot of people scratching their heads. NFTs are a cutting-edge way for an investor to prove ownership over their digital assets. Currently, buyers use them mostly for proof of ownership over digital art.

The space is seen as one that could bring with it groundbreaking new utilities; as such, institutions are injecting their own money into it. Visa (NYSE:V) is one of the newest institutions to enter the NFT industry, thanks to its new purchase today. Of course, the Visa CryptoPunk news is exciting NFT bulls.

But, what exactly is the NFT that Visa bought? Why did the company buy it? And what do these institutions actually believe will come of the NFT industry?

Let’s dive into everything you need to know.

It is no secret that Visa is currently partnering with crypto exchangers and operators, in hopes to adapt seamlessly with the crypto market. Months back, Visa announced its partnership with Coinbase, Binance, Crypto.com and several exchanges.

Visa and the Crypto Market

One of Visa’s notable milestones is the Coinbase Card, a debit Visa card that Coinbase rolled out in the US. The Coinbase Card is a significant achievement for Visa as this shows the firm’s full adoption of crypto as a utility program.

In addition, customers who use this Visa debit card get a 1% bounty in BTC or a 4% rebate in XLM rewards.

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