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Seeing a future where NFTs will play an important role in commerce, Visa announced on Monday that it has purchased a CryptoPunk NFT.
Arguably the hottest thing in the world of crypto right now, the non-fungible-token industry is expected to grow beyond its current $3 billion valuation.
Commenting on the $150,000 purchase of the CryptoPunk 7610 NFT from Narva Labs, Visa’s head of Crypto said that Visa considers their move as a way of celebrating the past, present and future of commerce. According to Sheffield, NFTs are just like the early days of e-commerce, when small businesses were able to get a global reach via internet almost effortless.
The Crypto head added:
“NFTs enable small businesses to take advantage of blockchain technology to create digital goods that can be delivered almost instantly to a crypto wallet anywhere in the world. We can envision a future where a crypto wallet address becomes as important as your mailing address,”
While the global payment giant has hinted that it owns numerous vintage artefacts related to commerce in its in-house art collection, including early paper credit card, the company is moving in on NFTs.
Visa says it is observing significant interest in NFTs from merchants, brands, and content creators and is now looking to start onboarding these entities into the world of NFTs. The company has even published a whitepaper in which it assists businesses on how to integrate NFTs into existing operations.
The whitepaper positions NFTs as having “vast potential in the sports and entertainment world.” Additionally, the reports highlights Ethereum and Flow blockchains as key players in the NFT space.