Visa has made sizable funding within the NFT space, acquiring a popular digitally pixelated CryptoPunk.
Credit card giant Visa has made a substantial splash on its emergence into the nonfungible token (NFT) space with a $150,000 acquisition of a CryptoPunk, the collective of digital artworks that pioneered the mainstream tradition of the space back in 2017.
In a blog post announcement released on Monday, Cuy Sheffield, head of the crypto at Visa and self-proclaimed NFT enthusiast, shared his views on the worth of buying NFT assets within the digital economy, the huge development of the market prior to now few years, as well as Visa’s commercial incentives in this investment.
Sheffield claimed, “To assist our purchasers and companions take part, we’d like a first-hand understanding of the infrastructure necessities for a worldwide model to buy, retailer, and leverage an NFT.”
“The flexibility to trace and leverage a digital asset in multiple environments might imply exciting new alternatives in ticketing, gaming music, art, and beyond,” he continued.
Visa purchased CryptoPunk 7610 — a feminine determine with a mohawk, clown green eyes and lipstick — which was first claimed back on June 23, 2017, and first offered a month later for a measly 0.6 Ether (ETH) ($114 at the time).
Using blockchain’s native feature of an open ledger, one can see that Visa’s newly acquired asset was purchased on Wednesday for 49.50 ETH, equal to $149,939.
This appreciable funding within the NFT market comes off the back of Visa’s pursuits within the cryptocurrency market. Its crypto-centric credit score and debit cards reportedly processed an impressive $1 billion throughout the first half of 2021.
The NFT market witnessed parabolic growth throughout 2020, culminating with the historic sale of Beeple’s artwork “Everyday: The First 5000 Days,” which raised over $69 million at Christie’s auction house.
As we progress through the latter half of 2021, it seems that momentum in the space is once again rising. Heavyweight boxing legend Mike Tyson has just lately launched a sequence of tokenized collectibles on OpenSea.
In line with the latest figures, the platform has processed over 1.18 million transactions price $1.06 billion in the final 30 days, up by an exceptional 12,000% in 2021.
Sheffield concluded his comments on the CryptoPunk by stating, “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. That is just the beginning of our work on this space.”