Visa spent $ 150,000 on an NFT CryptoPunk

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Visa announced the purchase of a CryptoPunk NFT, reinforcing its commitment to understanding cryptocurrency services with the aim of offering them to its customers and customers.

Visa buys a CryptoPunk

Visa has become the unlikely owner of a CryptoPunk.

The financial services giant was revealed to be the buyer of Punk # 7610 in a blog post posted on Monday. The company bought the Punk for 49.5 ETH or around $ 149,939 at the time of purchase on August 18.

Over the past 60 years, Visa has built a collection of historic business artifacts – from the first 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. https://t.co/XoPFfwxUiu

– VisaNews (@VisaNews) August 23, 2021

In addition to announcing its purchase of CryptoPunk, Visa posted an interview with Cuy Sheffield, the company’s crypto chief, to help explain the decision. Sheffield said Visa bought a CryptoPunk “first and foremost to learn,” then explained a more detailed rationale for the purchase. Sheffield said:

“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 participate, we need a first-hand understanding of the infrastructure requirements for a global brand to purchase, store, and operate an NFT.

Sheffield went on to list several use cases for NFTs, including sports memorabilia applications like NBA Top Shot and possible integration of NFTs into the music industry, saying Visa expects “a huge range of new ones. cases in the years to come “.

Since Visa announced the news of its purchase of Punk, the CryptoPunks market has gone into a frenzy. The cheaper Punks were quickly bought out, bringing the floor price to around 63 ETH, worth $ 211,000 at today’s prices. Just three weeks ago, the price of the cheapest CryptoPunk soared to 34 ETH when an unknown buyer swept the floor, buying a total of 88 Punks in a single trade. Taking into account today’s Punk price movement and the appreciation of Ethereum, CryptoPunks are up over 100% this month.

Disclaimer: At the time of writing this feature, the author owns BTC and ETH.

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