Visa spends $150,000 on a CryptoPunk

We’re seeing the blockchain gaming world evolve, and continually surprise us in the huge support they receive. More recently, with the introduction of major players in the world of sports and fashion entering the fray, it now appears to be VISA’s turn to dive in.

The payments multinational took to Twitter to announce that it’s the latest to ‘enter a new era of NFT-commerce’ with its successful bid on ‘CryptoPunk #7610‘ of 49.5 WETH (at the time, valued at $149,024).

Now, to go into the specifics, it wasn’t VISA that enacted this bid directly. Instead, it was conducted on its behalf by Anchorage, a newly-established bank in the US, that made this happen – becoming the first bank in the US to serve as an NFT custodian too.

For those blockchain gaming enthusiasts out there who are CryptoPunks veterans, you’ll think VISA got away with a bargain. But what it represents is something else entirely – a nod from institutional finance of the long-term value of Non-Fungible Tokens.

VISA invests in NFTs

NFTs have come to represent far more than just a digital piece of a game. To players, blockchain gaming studios and now VISA, it’s the missing link between sports and their fans.

"NFTs appeal to collectors, fans, teams, leagues, and talent, amongst others.
 They have become a great way for individuals and businesses to
 capitalize on unique assets, engage fans, and potentially generate
 revenue, while staying ahead of the curve and keeping pace with innovations
 in commerce. Because the opportunities for growth with NFTs are still evolving,
 businesses should define what their end goals are around NFTs."  

 VISA, 'NFTs: Engaging Today’s Fans in Crypto and Commerce'

In the absence of the physical community that sports fans had before the pandemic, NFTs offer businesses new avenues for engagement, and funds, while making fans, players literal stakeholders.

Leave A Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.