Visa buys CryptoPunk NFT as it tests digital commerce space
Visa has announced that it has purchased the CryptoPunk 7610 NFT as it marks its first foray into the NFT space in what it sees as a test of this industry and its entry into digital commerce.
For those who haven’t been exposed to the crypto ecosystem, this might come as a big surprise as it’s hard to see why Visa, a company mainly dealing in cards, would want to buy an NFT which is essentially considered a collectible. digital. But for Visa chief crypto Cuy Sheffield, it seems a natural progression as he believes NFTs would shape the future of retail, social media and e-commerce. But for speculators, it is one more in the list of instruments that they will be able to inflate in the months to come.
Visa has finalized the purchase of the NFT to understand the infrastructure and other requirements for the secure purchase and storage of NFTs and would look for ways to leverage NFTs and also consider how the company can integrate in such a way. seamless NFT shopping experience for its customers in the future.
Cuy said the company facilitates commerce and anything that leads to business transactions would be of interest to Visa. With NFTs gaining traction in recent months, with sales exceeding $ 1 billion last month, it is clear that the future will bring much more transaction volume to the NFT space and Visa would like to be a part of. this commitment and ensuring smooth operation and reliable transactions also occur in the NFT space.
Cuy issued a note of caution and said he was not sure NFT would become mainstream and that it was more of a business decision for the company to see how the entire NFT cycle works so that it can be ready for transactions. in this space as it grows. It is indeed a bit surprising that the NFT space has garnered so much attention in such a short time, but it could also be risky as more and more businesses are entering this space and some of them may not. not have a clear understanding of the industry. Already, there have been reports of companies issuing NFTs without following required security protocols, which could result in losses for retail traders who would be drawn into this space outside of FOMO. There is no regulation or oversight on NFTs from any company yet and it could be dangerous in the coming months, especially for retail traders.