Visa Executive says crypto is ‘getting cool’ – sees a whole new class of mainstream consumers enter space – GeekWire

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Visa’s chief crypto sees a “whole new class” of mainstream consumers entering the crypto space due to non-fungible tokens (NFTs). The executive adds: “Crypto is becoming cultural. It’s getting cool.

Visa executive: “Crypto is getting cultural, it’s getting cool”

Cuy Sheffield, head of crypto at Visa, spoke about cryptocurrency during a panel discussion earlier this week at the Singapore Fintech Festival.

He explained that a “whole new class” of mainstream consumers is entering the crypto space because of non-fungible tokens (NFTs). The Visa official added that people interested in art, music or culture “are creating crypto wallets in waves,” noting that they are excited to create their own NFTs and support other creators.

Prior to the NFT boom, Sheffield said crypto assets primarily attracted people interested in gold and finance. “Previously if you were investing in crypto you were a little weird,” he said, elaborating:

Crypto is becoming cultural. It’s getting cool.

The Visa executive further explained that people are now using crypto wallets for more reasons than before. Previously, crypto wallets were mainly used to store cryptocurrencies. Now people are using them to discover new music, he described, adding that they are increasingly becoming a “super app” influencing the lives of consumers.

In August, Sheffield was asked if it thought TVN would go mainstream. “Only time will tell,” he replied. “What is certain is that curiosity, open-mindedness and active experimentation are the best approach when new technologies and use cases emerge. ” He added:

We believe that NFTs will play an important role in the future of retail, social media, entertainment and commerce.

Visa has been a supporter of NFT. The company launched an NFT program to support digital artists in October. In August, Visa purchased an NFT from the Cryptopunk Collection for $ 165,000 in Ether. “To recognize the role the Cryptopunks played as a historic NFT project, connecting culture and commerce, Visa decided to purchase Cryptopunk 7610, Sheffield said at the time.

What do you think of the Visa executive’s comments? Let us know in the comments section below.

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