Visa Bought An NFT For $160.000

VISA entered the world of NFT's

Visa can now call the Cryptopunk with the number #7610 its own. With the purchase of the virtual punk, the financial service provider enters the world of NFT trading.

The company announced the purchase of CryptoPunk #7610 in a recent Twitter post, pointing out that the transaction was completed on August 18. At that time, the company paid 49.5 ETH to get the non-fungible token. Converted to fiat, the amount is about $160,000 according to the current Ether exchange rate. Cryptopunk 7610 is one of 3,840 assembled female punks. They are also known and considered the original NFTs in the scene, as they were introduced by Larva Labs back in 2017 — long before the big NFT hype. The pixelated art collection consists of a total of 10,000 individual images of eccentrics and outsiders.

Each Cryptopunk has its own personality and a unique combination of features. Cryptopunk #7610 comes with the typical Mohawk for Punks, green clown eyes, and red lipstick that can’t be overlooked around the corner.

Visa believes in NFT future.

The purchase adds the NFT to Visa’s historical merchant artifacts, including Zip-Zap machines and paper credit cards. Visa has also published a detailed report on the functions of the NFTs and the benefits of owning and using them for its own future strategy.

According to the report, the company is convinced that NFTs will play an important role in the future social media, entertainment, retail, and commerce sectors. Against this backdrop, the company’s goal is to make it easier for an ever-growing number of customers to access and use NFTs by offering the necessary infrastructure in a secure environment.

Why is that important?

Visa’s head of crypto, Mr. Sheffield, compares NFTs to the early days of e-commerce, which expanded the reach of small businesses. Similarly, he believes that:

“NFTs give small businesses the ability to use public blockchains to produce digital goods — which can be delivered instantly to a crypto wallet.”

Mr. Sheffield even goes so far as to say that the company

“can envision a future where your crypto address becomes as important as your mailing address.”

After the payments giant bought the token, 90 other CryptoPunks were sold within an hour for a total value of $20 million.

What is an NFT?

The term NFT have received a lot of attention in recent weeks and months. Why? First of all, if you don’t know what an NFT is or what it means, here is a short explanation:

An NFT is unique

NFT stands for Non-fungible Token. Translated, it means something like: non-replaceable certificate.

If something is “fungible,” it can be exchanged or replaced with something with the same value. For example, goods that are “fungible” can be cash, gold, bitcoins, or even airline miles. In all cases, these things can be exchanged with an equivalent.

Accordingly, non-fungible means that a particular good is not simply interchangeable. Instead, it has certain properties that make it unique.

These can be physical objects, such as a painting, concert tickets, or a car. But they can also be virtual things, such as a trademark, digital tokens, or even digital works of art.