Visa purchases CryptoPunk 7610 for $150,000

The company thinks NFTs will play an important role in the future of retail, social media, entertainment, and commerce, said Visa’s head of crypto, Cuy Sheffield

Financial service provider Visa has purchased an NFT known as CryptoPunk 7610. The purchase is nearly $150,000 in ethereum. Multiple media outlets have reported that CryptoPunks were created by Larva Labs in 2017, according to CNBC.

In a blog post, Visa’s head of crypto, Cuy Sheffield, said that the company made the purchase to gain a firsthand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT. Visa thinks NFTs will play an important role in the future of retail, social media, entertainment, and commerce.

We also wanted to signal our support for the creators, collectors, and artists driving the future of NFT-commerce, he added. Visa prides itself in enabling buyers and sellers, be it helping small and micro business owners get online or making it easier for them to pay their partners across borders. We are excited to work with this growing community to make NFTs useable and accessible in a variety of contexts.

The company also wanted to collect an NFT that symbolises the excitement and opportunity of this particular cultural moment.

We are 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. This is just the beginning of our work in this space, he added.

Sheffield explained that they 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. NFTs are starting to usher in a new form of social commerce that empowers both creators and collectors.

He also said that NFTs could fuel small and medium-sized businesses in powerful ways. NFTs give small businesses an opportunity to harness public blockchains for producing digital good, which can be delivered instantly in a crypto wallet. We can envision a future in which your crypto address becomes as important as your mailing address.

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