In Brief:
- Visa purchase Cryptopunk 7610, one of 3840 female punks for around $150,000
- The company is working with new concept and partnership to support NFT buyers, sellers, and creators
Payment technology company VISA purchase CryptoPunk 7610, one of 3840 female punks, for around $150,000 on 19 August. The company purchased Cryptopunk as it enters a new era of non-fungible token (NFT) Commerce.
“Over the last 60 years, Visa has built a collection of historic commerce artefacts – from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT commerce. Visa welcomes CryptoPunk #7610 to our collection,” VISA said in a tweet announcing the news.
The CryptoPunks collection features 10,000 collectible characters with proof of ownership stored on the Ethereum blockchain. Visa’s first NFT is an avatar of a female character. It is distinguishable by a mohawk, large green eyes, and bright red lipstick.
NFT can help individual creators and small and medium-sized businesses (SMBs) in new ways, said Sheffield.
The rise of ecommerce has made it possible for SMBs to sell online and reach customers around the globe. But they still have to produce and ship physical goods, which can have high upfront costs. NFT gives small businesses an opportunity to hardness public blockchain to produce digital goods delivered instantly in crypto wallet. “We can envision a future in which your crypto address becomes as important as your mailing address.” Sheffield added.
Visa has also published a whitepaper on NFT to help businesses understand how they can integrate NFTs into their platform.
Also Read: Visa Approves Australian Startup to Issue Cards for Spending Bitcoin
Looking ahead, Visa is working on some new concepts and partnerships to support NFT buyers, sellers, and creators. “ Look to forward to sharing more in the months ahead,” Sheffield said
