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Home Crypto News Market VISA Joins NFT Craze By Purchasing CryptoPunk NFT For $150,000

VISA Joins NFT Craze By Purchasing CryptoPunk NFT For $150,000

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Visa is the latest major company jumping into the NFT craze.


 

The payments processor said Monday it bought a “CryptoPunk,” one of thousands of NFT-based digital avatars, for nearly $150,000 in ethereum.

An NFT — which stands for non-fungible token — is a unique digital asset designed to represent ownership of a virtual item. Unlike bitcoin and other cryptocurrencies, NFTs can’t be exchanged like-for-like with another NFTs.

Proponents say this makes NFTs scarce, driving up their value. NFTs have often been compared to physical collectible items like rare trading cards and works of art.

 

Visa said in a blogpost on Monday.

We think 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. 

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. This is just the beginning of our work in this space.”

Read More.

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Ammarahttps://thecryptobasic.com/
I am the editor-in-chief of The Crypto Basic. Love to get involved in cryptocurrencies. I am in crypto since 2014. I like the way blockchain is progression, being adopted by large firms and in most parts of our lives. We are early adopters and followers of blockchain, and time will surely come when our success factor will be blockchain.

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