Visa announced on Monday that the company entered the NFT world by purchasing CryptoPunk 7610, a digital asset based on NFT. CNBC reported that Visa has paid approximately $150,000 on Ethereum.
Ethereum is a cryptocurrency that debuted in 2015. NFT is a unique digital token, most of which use the Ethereum blockchain to digitally record transactions. Digital assets (such as images, videos, or tweets) are associated with tokens. The technology started in 2015 when unique tokens were created for the Ethereum blockchain, but they became very popular in February.
Cuy Sheffield, head of encryption at Visa, said in a blog post: “We believe that NFTs will play an important role in the future of retail, social media, entertainment, and commerce. To help our customers and partners get involved, we need to understand directly Infrastructure requirements for global brands to purchase, store and utilize NFT”.
Sheffield added: “Through our purchase of CryptoPunk, we took the first step. This is just the beginning of our work in this field.”