Visa has made a significant investment in the NFT token space by acquiring the popular, digitally pixelated CryptoPunk.
The credit card giant made a big hype with its arrival in the non-fungable token (NFT) space with its $ 150,000 acquisition of CryptoPunk.
In a blog post published on Monday, Cuy Sheffield, Visa’s crypto project head and NFT enthusiast, shared his views on the value of NFT asset purchases and the enormous growth of the market over the past few years.
Visa purchased the CryptoPunk 7610 – a female character with a mohawk, green clown eyes, and lipstick – which was created on June 23, 2017 and first sold a month later for a paltry 0.6 ETH ($ 114 at the time).
Using the open book blockchain feature, it can be seen that the newly acquired Visa assets were purchased on Wednesday for 49.50 ETH, equivalent to $ 149,939 USD.
This significant investment in the NFT market is the result of Visa’s growth in the cryptocurrency market. The organization’s credit and debit cards processed about $ 1 billion through cryptocurrency transactions in the first half of 2021.
The NFT market witnessed parabolic growth throughout 2020, culminating in the historic sale of “Beeple’s Everydays: The First 5000 Days”, which raised over $ 69 million at Christie’s auction house.
With the progress in the second half of 2021, the NFT industry appears to continue its growth. Heavyweight boxing legend, Mike Tyson, recently posted a series of tokenized collectibles on OpenSea.
According to the latest data, the platform has processed over 1.18 million transactions worth over $ 1 billion in the last 30 days, which means an increase of as much as 12,000% in 2021.
Sheffield ended its comment on CryptoPunk by stating: “We are a company steeped in a history of trading and payments – but with a future in mind. With our purchase of CryptoPunk, we are immersing ourselves in the NFT, but this is only the beginning of our work in this space. “
25-08-2021, Mr Advice TEAM