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Visa Enters NFT Commerce Through CryptoPunk Acquisition

Visa made its debut in the NFT commerce by acquiring CryptoPunk for roughly $150,000.

Earlier today Visa announced via Twitter that they welcomed CryptoPunk 7610 to their collection, as the payment tech giant enters the non-fungible token (NFT) commerce. The purchase of CryptoPunk 7610 last week amounted to a total of $150,000.

Larva Labs issued CryptoPunks in 2017 and are regarded as the initial NFTs. CryptoPunks represent a set of 10,000-pixel art pictures of misfits where a singular CryptoPunk has its own unique constellation of features and eccentrics.

Cuy Sheffied, Crypto head at Visa declared that the recent purchase of CryptoPunk 7610 is a welcome addition to the collection of the company and also an amazing way to rejoice in the timeline of commerce and what’s to come.

Sheffied explained that the artifacts of the commerce collection held by Visa is quite rich as it also includes vintage knuckle busters that traders used to record transactions before electronic POS as well as paper credit cards from the beginning of commerce.

The acquisition marks the recognition of NFT commerce by Visa as historical. Sheffield added that the foundation of NFT tech and commerce is ultimately attributed to CryptoPunks, which makes the acquisition invaluable. The purchase of CryptoPunk 7610 was not as much a question of individuality; it’s a commemoration of the NFT project as a whole.

Related: Visa and Mastercard Supported Virtual Crypto Cards on the Plans of Alchemy Pay

The CryptoPunk was purchased via Anchorage Digital who secured the transaction for Visa through fiat and is guarding it for Visa. After the settling of USDC stablecoin payments on Ethereum, This marks the second time that Visa has partnered with Anchorage Digital

Visa’s Take on NFT Commerce

Visa is a firm believer in the significance of NFTs for the future of commerce. Apart from revolutionizing e-commerce through the integration of blockchain, the commerce-cultural interchange makes NFTs quite significant in optimizing the operations of small and medium enterprises (SMEs).  

In comparing and contrasting the very beginnings of e-commerce and the vast potential of NFT commerce, Sheffield shed light on the significance of e-commerce and its global reach. Nonetheless, NFTs have a chance to create digital goods through a public blockchain that would eliminate quite a lot of the hassle for shipping and paying for physical goods on a global scale.

As such, Sheffield deems a crypto address to become just as critical as a mailing address, with the manner in which NFTs are paving the way. With all of this potential in mind, Visa has a vested interest in familiarizing merchants with their participation in the ecosystem of NFT commerce.

In the spirit of making NFTs accessible to clients, Visa has issued an NFT commerce whitepaper where it is aiming to make the integration of NFTs comprehensible for its clients.

The ultimate goal of Visa remains to make NFT commerce as mainstream as traditional commerce through engaging with clients and merchants and also facilitating the exchanges among the parties. 

Also read: Coinbase Will Allocate $500 Million and 10% of Profits to Crypto Investment

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