Visa welcomes Cryptopunk to its commerce artifact collection
Digital payments giant Visa has spent $150,000 to purchase CryptoPunk #7610, announcing its entry into a new era of NFT commerce.
Visa believes NFTs will play an important role in the future
Visa had decided to purchase CryptoPunk #7610 to add to its collection of historic commerce artifacts. The Punk is one of the 10 thousand cryptopunks Larva Labs created in June 2017 and has become one of the most valuable and recognized NFT collections of this time. Visa did not take custody of the 49.5 ETH paid for the token, nor the asset itself. Instead, the newly licensed bank Anchorage helped handle the transaction, becoming the first known U.S. bank to take custody of a cryptopunk. Anchorage stored the purchased NFTs in Visa's digital vault, accessible with Visa's private key."We think that NFTs are going to play a really important role in the future of retail and social media, entertainment and commerce," says Cuy Sheffield, head of crypto at Visa, who is an avid NFT collector himself.
The purchase of the Punk is not a coincidence
Visa purchased the Cryptopunk together with an NFT whitepaper intending to help brands and businesses better understand NFTs and their potential. And according to a post from Visa themselves, they take the concept of a metaverse very seriously. Their primary role in this ecosystem is to enable secure digital payments to "make NFT commerce accessible and usable for buyers and sellers".Sheffield says. "In the same way Visa's been here through shifts of commerce before, we're really excited to help drive this new shift of commerce in the future." The company also plans to purchase more NFTs.
Visa is not the only one exploring the idea of a metaverse. Facebook is also betting on the concept of a metaverse and has unveiled a new app for the Oculus Quest, which is Horizon Workrooms. This app is the social network's first attempt at creating a VR experience specifically for working together in a virtual office.
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