Visa Invests in NFTs by Purchasing 7610 CryptoPunk

Visa is entering the space of NFTs. Visa shared the piece of information on its official Twitter handle on August 23, 2021. According to the information shared, it will acquire a CryptoPunk for $149,939.  This is equivalent to 49.5 ETH. It is purchasing 7610 CryptoPunk, which is one of the  3840 female punks from the total collection of 10,000 CryptoPunk avatars. 

As per the recent update, celebrities like Logan Paul, JayZ, OBJ, and FaZe banks have already joined the community. 

Additionally, major auction destinations such as Christie and Sotheby have marked record sales in the history of NFTs. The record high is the sale of nine alien punks worth $7,570,000. This was considered to be a historical event. 

The news shared on Visa states that they have architected a collection of commerce artifacts that are historic in nature. This is another big leap for the NFT world. 

Visa also explained its strategy for NFTs in the white paper. The same stated that commerce is radically evolving with innovations like NFTs and cryptos. It would not be wrong to say NFTs are the future of entertainment, sports, and other communities in the future.  But, undeniably, NFTs hold a more innovative and deeper potential for new revenue streams for organizations. It also gives fans a more innovative medium to interact with their favorites.

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This news comes in the wake of what the  NFT community is terming as the  ‘JPEG Summer’. It is an unusual name because NFTs are typically PNGs. The current generation is all about the sale of artworks. Some artworks are reportedly sold for over seven figures. Some of the oldest NFTs based on the ETH blockchain are being acquired by entrepreneurs like Justin Sun. The NFT marketplace is exciting right now.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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