NFTs take over traditional companies! Even Budweiser buys NFTs as avatars and registers the Ethereum domain name "beer.eth"

Leading payment institution Visa and international beer giant Budweiser have both shown interest in the NFT market this week through various actions, further fueling the already hot NFT market and driving trading volume to new highs!

Enterprises and Institutions Fueling NFT Market Craze

The NFT market seems to have sparked another frenzy of buying after payment giant Visa purchased the CryptoPunk #7610 NFT for approximately $150,000 on Monday (23).

According to data from DuneAnalytics, on the 23rd, the trading volume on Opensea reached $194 million, breaking a new all-time high, and the following day's trading volume exceeded $200 million.

Visa stated on their Twitter: "Over the past 60 years, Visa has built a collection of historic commerce artifacts. As we enter a new era called NFT, Visa welcomes CryptoPunk #7610 to our collection."

In this wave of NFT craze, the well-known Budweiser beer brand has also made significant moves in the NFT market. The beer giant changed their Twitter profile picture on Tuesday to a hand-drawn beer rocket NFT designed by artist Tom Sachs, which cost 8 ETH (approximately $26,000), and also registered an Ethereum domain name, beer.eth, for 30 ETH (approximately $100,000).

Furthermore, a closer look at Budweiser's Ethereum wallet reveals their collection of quirky NFTs, such as PeePeeBoy #16 resembling Harry Potter and CryptoDickbutt #258 with green skin and a trench coat. Interestingly, these NFTs all feature male genitalia, suggesting a deliberate effort by someone to send these unusual NFTs to Budweiser's wallet.

Recognition from Enterprises and Institutions

From Visa acknowledging the artistic value, economic benefits, and the loud reputation of CryptoPunks in the NFT market to Budweiser changing NFT avatars and registering an Ethereum domain, it is evident that the crypto world is attracting more mainstream attention.

The purchase of NFTs by renowned institutions and companies has sparked widespread discussions across major social platforms. While some view this as a mere speculative trend driven by the profitability of NFTs, the involvement of financially strong institutions and enterprises may have a more profound impact on the NFT market compared to the previous craze primarily fueled by celebrities.