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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/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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