VISA Enters NFT Market with CryptoPunk Purchase
VISA has further cemented its support for the growing blockchain and digital currency market with the purchase of a CryptoPunk NFT. The card payments giant has long been indirectly involved in the cryptocurrency market through the launch of several crypto debit cards but this is the first time the company has shown such direct support.
In a blog post entitled ‘NFTs mark a new chapter for digital commerce’, VISA resident NFT expert Cuy Sheffield says “First and foremost, we wanted to learn.” He goes on to describe the important role that VISA thinks NFTs may play in the future of entertainment and commerce, saying “We also wanted to signal our support for the creators, collectors, and artists driving the future of NFT-commerce.”
A History of Collecting Commerce Artifacts
In a tweet from its official Twitter news account, VisaNews, the company posted a link to its NFT purchase on Larvalabs.com. The tweet describes VISA’s 60-year-long collection of “historic commerce artifacts – from early paper credit cards to the zip-zap machine.” It follows with another link to a blog post on how companies can integrate NFT’s into their brand strategy.
We support the creators, collectors, and artists driving the future of NFT-commerce. Learn more about our perspective on NFTs: https://t.co/LOVdl4YiuW pic.twitter.com/aDdYFDsNVY
— VisaNews (@VisaNews) August 23, 2021
VISA appears to have a deep understanding and forward-thinking approach to the NFT market, something not often seen in traditional financial institutions. Developments such as these and Paypal’s recent addition of crypto services to both its US and UK operations show a growing acceptance of cryptocurrency and rapid move into the mainstream.
The cryptocurrency market has reacted well to the news, with Bitcoin (BTC) breaking through the significant $50,000 mark earlier today. Overall, the cryptocurrency market is up 2.1% today and $750 billion in the past month.
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