Visa Enters NFT Craze, Buys CryptoPunk

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Visa has been making headlines for a while now in relation to the crypto space. Now, it’s been revealed that the financial services platform announced the purchase of CryptoPunk, which is a popular NFT product.

NFTs are similar to virtual certificates that people are using to claim digital ownership of digital goods such as images, videos, or pieces of text.

CryptoPunk is one of the first NFT projects created on the Ethereum blockchain.

“It’s a collection of 10,000 24×24, 8-bit-style pixel art images of male and female characters with unique characteristics such as hairstyle, accessories, and more,” as the online publication the Daily Hodl notes.

The project was launched back in 2017, and the creator, Larva Labs, initially offered the CryptoPunk for free to anyone with an Ethereum wallet.

Visa drops exciting announcement

Check out Visa’s announcement below.

It’s also important to mention the fact that Visa will not be holding directly the NFT themselves, but it used the crypto custodian Anchorage Digital to hold its digital artwork.

The company explains its moves and the desire to enter the NFT space.

“We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce. To help our clients and partners participate, we need a firsthand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT…”

Visa continued and said:

“We also wanted to signal our support for the creators, collectors, and artists driving the future of NFT-commerce. Enabling buyers and sellers is what we do — whether it’s helping small and micro business owners get online, or making it easier for companies to pay their partners across borders…”

Visa notes that they plan to collect an NFT that means excitement and opportunity.

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