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Visa Successfully Enters the Budding NFT Market, Purchases an NFT-Based Artwork

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by Juhi Mirza · 3 min read
Visa Successfully Enters the Budding NFT Market, Purchases an NFT-Based Artwork
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The payment giant company Visa has successfully entered the non-fungible token market by purchasing an artwork inspired by NFT technology called Cryptopunk 7610 for $150,000.

In a Twitter post updated by Visa, the organization has announced that they have purchased an NFT-based artwork called CryptoPunk #7610. The following step marks the first transitional move of the company in the domain of non-fungible tokens, which has now become an extremely popular source to conduct transactions in.

Visa Inc (NYSE: V) has purchased an artwork of a pixelated character with size dimensions ranging to 24×24. The image displays a female character boasting a mohawk with large green eyes and sporty red lipstick.

Visa Buys an NFT-Based Artwork Called CryptoPunk #7610 for $150,000

In a Twitter post updated earlier today, the organization has announced how the company has transitioned from curating historic commerce artifacts to investing in NFT. The company had later confirmed that they have brought an artwork inspired by NFT called Cryptopunk #7610 which marks their first influential shift into the domain of non-fungible tokens.

NFT has garnered a successful reputation which can be accredited to the fact that the technology uses a unique authentication measure to store identification on the blockchain. NFTs work on the principle of sole ownership where a buyer can own a unique piece of the item under his name without having to share its uniqueness with others. This idea of providing sole proprietorship to a digital asset has become extremely popular with the masses and has managed to cultivate a loyal fan base.

It is to be noted that Visa, however did not custody the 49.5 ETH, paid for the token or asset itself. Anchorage, which is a newly licensed bank has reportedly arranged the entire deal proceeding and has become the first-ever bank in the US to facilitate a deal comprising custody of a special digital asset.

Visa’s head of crypto, Cuy Sheffield, who himself is an NFT proponent has commented that the recent move of Visa in the sector of non-fungible tokens will certainly play a vital role in determining the future of social media, commerce, as well as of entertainment, and retail. He further stated that the company had acquired this unique CryptoPunk 7610 to understand the inherent processes involved in purchasing an NFT based item to facilitate similar dealings with clients in the future. The company had selected Anchorage to spearhead this deal mainly because they wanted to comprehend in detail how the particular area functions and operates to help navigate future clients and help them in purchasing NFT inspired items and products.

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