NFTFINANCE

Deep dive into the NFT space is just the beginning! Visa: in the future, your wallet address may be as important as your home address.

share
Deep dive into the NFT space is just the beginning! Visa: in the future, your wallet address may be as important as your home address.

60 years ago when Visa was founded, a technology that surpassed cash and checks seemed unimaginable. In the early stages of the internet, people were skeptical about its utility, and entering credit card information on websites felt like a risky gamble. Just like the current NFT craze, there are also many doubts and questions surrounding it.

However, the traditional financial giant Visa spent $150,000 on 8/18 to purchase the NFT artwork "CryptoPunk 7610" and published an article expressing their views on NFT, along with releasing a 17-page NFT whitepaper. Perhaps what everyone is more curious about is, what will Visa do next?

CryptoPunk 7610

CryptoPunks were released in 2017, consisting of 10,000 unique pixelated portraits of characters including humans, zombies, aliens, and apes, each generated by an algorithm.

Visa purchased "CryptoPunk 7610," a female character, for 49.5 Ether on their website. Their Twitter profile, VisaNews, has also updated to feature 7610.

Visa's Initial Ether Acquisition

Visa initially did not hold Ether to bid on the NFT; the transaction was facilitated through digital asset bank Anchorage Digital. Cuy Sheffield, Visa's head of crypto, stated in an interview with Forbes:

We believe that NFTs will play a significant role in retail, social media, entertainment, and business, so we wanted to understand firsthand what buying, holding, and interacting with an NFT would entail. That's why we worked with Anchorage to better understand the area.

Sheffield also elaborated on Visa's perspective on NFTs in a blog post published by Visa.

Reasons for Visa's NFT Purchase

Sheffield: We wanted to learn, show support for NFT creators, collectors, and artists, and assist buyers, sellers, and small business owners in easier payment methods in the future. We are excited to collaborate with the evolving community to make NFTs accessible in various environments.

Thirdly, we wanted to acquire an NFT that symbolizes the rise and opportunities of this unique culture. Despite Visa being a long-standing payment company, we are focused on the future, and the purchase of CryptoPunk marks just the beginning of Visa's journey into the NFT space.

Visa's Vision for NFTs

NFTs have the potential to empower small businesses in a powerful way, offering them the opportunity to launch digital products on public chains that can be instantly delivered via cryptocurrency wallets. We can envision a future where cryptocurrency addresses become as important as email addresses for everyone.

From Visa's perspective, NFTs are making an impact in sports memorabilia such as NBA Top Shot. Numerous new use cases are expected in the future:

Imagine discovering a musician online, purchasing their album cover NFT, which not only serves as artwork but also grants access to VIP chat groups, backstage passes for future concerts, unlocks exclusive memorabilia, either airdropped directly to wallets or earned as rewards after completing specific tasks. NFTs can create a strong community for artists and fans, providing a new experience for both parties.

Finally, Sheffield emphasized that ensuring business security and providing a payment network for everyone is Visa's mission. Therefore, Visa is extensively researching this new form of business area in NFTs to achieve real-time, secure digital payments.

Sheffield stressed that this is just the beginning for Visa in the NFT space and even released a 17-page NFT whitepaper to help major brands and enterprises better understand NFTs and their potential.