Visa enters the NFT market

Mon 23 Aug 2021 ▪ 14h02 ▪ 3 min read — by Katie Donaldson

Visa is storming the NFT world in quite an unusual style. The payments technology company has announced a CryptoPunk purchase. CryptoPunks, which are considered to be the original non-fungible tokens, is a collection of 10,000 pixel art images of, you guessed it, punks. Visa has just bought CryptoPunk 7610, one of 3,840 female punks, for around $150,000 (~£109,000).

High-profile client

Cuy Sheffield, the head of Visa’s crypto department, explained the purchase quite simply. He said that CryptoPunks “pioneered the NFT technology and wave of NFT commerce,” so it’s more like paying homage to the NFT sector itself, rather than making a strategic move on the market.

Visa has partnered up with Anchorage Digital, a crypto platform for major institutions, to conduct the transaction. This wasn’t their first deal too — earlier this year they worked together to settle payments in the USDC stablecoin on Ethereum (ETH). 

Visa also holds other vintage pieces related to commerce, such as some of the first paper credit cards and knuckle busters, a device merchants used to record credit card transactions before the creation of electronic terminals.

NFTs will play a key role in the future of commerce

In April, CEO of Visa, Alfred Kelly, claimed the company was “extremely well positioned” in the digital asset sector. He also added that Visa had every chance to make digital currencies safer, more useful and suitable for payments.

According to Sheffield, Visa’s vision includes an understanding that NFTs will play an important role in the future of commerce. They are sure that NFTs represent the future of culture and commerce.

Sheffield compared NFTs with the early days of e-commerce, saying that “e-commerce made it possible for a small business to sell online and reach customers worldwide. But they still have to produce and ship physical goods, which can have high upfront costs. So NFTs allow a small business to harness a public blockchain to create digital goods, which can be delivered instantly to a crypto wallet anywhere in the world.”

Visa has entered the NFT world by buying CryptoPunk 7610 for $150,000 (~£109,000).

Subscribe to our daily and weekly newsletter service to receive a digest of the latest news in the cryptosphere and never miss out on any of the Cointribune's highlights!

Katie Donaldson avatar
Katie Donaldson

I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Prices & Indices

BITCOIN (BTCUSD) $24,003.00 3.62%
ETHEREUM (ETHUSD) Ξ $1,837.30 7.82%
DEFI (DEFIPERP) $3,803.60 7.35%
MARKETS (ACWI) $91.22 1.99%
GOLD (XAUUSD) $1,799.07 0.27%
TECH (NDX) $13,317.10 2.37%
CURRENCIES (EURGBP) £0.842950 -0.25%
CRUDEOIL (USOIL) $91.15 0.7%
IMM. US (REIT) $2,611.17 0.77%
The percentage expresses the change over the past 24 hours BUY CRYPTOS WITHOUT RISK
Crytocurrency Guides
You must complete the form to receive your document.
Our Partners
Crypto.com Logo Crypto.com The cryptos banking app- Visit
OVR The Metaverse Platform- Visit
Bybit The cryptos trading platform- Visit
Sorare Logo Sorare The Worldwide fantasy football- Visit
Huobi logo Huobi Digital Asset Exchange- Visit
Etoro Logo eToro The social trading platform Disclaimer : 67% of retail CFD accounts lose money Disclaimer: 78% of retail CFD accounts lose money - Visit
SandBox Logo TheSandbox Community-driven blockchain game - Visit
Koffy logo Koffy Web3 news aggregator powered by AI!- Visit