Visa Steps into NFT: Purchased a CryptoPunk for $160,000

Visa announced on August 23rd that it had spent nearly 50 ETH for a CryptoPunk non-fungible token. Thus, the US behemoth continues to showcase its support for the cryptocurrency industry.

• The global payments tech firm took it to Twitter on August 23rd to announce the acquisition of CryptoPunk #7610.
• The transaction was completed on August 18th, and Visa paid 49.5 ETH for it. With today’s prices, this means that the company’s first NFT purchase cost around $160,000.
• Thus, the CryptoPunk will join other “historic commerce artifacts” stored by the firm. These include paper credit cards and zip-zap machines.
• Furthermore, Visa has issued a comprehensive report on the merits and functions of non-fungible tokens and its future strategy.

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

• The company pledged to help its growing number of clients by providing the necessary infrastructure for them to “purchase, store, and leverage an NFT.”
• Previously, Visa partnered with numerous companies from the digital asset sector, including Binance, Circle, Simplex, and others. It enabled each to launch credit and debit cards which customers can use for payments with cryptocurrencies.
• Earlier this year, Visa’s CEO hinted that the firm could directly add digital asset transactions to its payment network, used by millions of people.
• NFTs, on the other hand, have been among the hottest sectors of the industry in the past year. Celebrities, businesses, and brands from countless fields have tapped into the mania, launching their personal digital art collections to enhance fan engagement.