Since their emergence, cryptocurrencies have struggled to gain acceptance in the world of traditional finance. A situation that finally seems to be unraveling with the growing adoption of major players, such as Visa.
Visa is getting into the NFT game
We might have expected a multitude of actions from Visa. The creation of a cryptocurrency, the acceptance of an already existing currency, the launch of a Bitcoin credit card, and yet it is via NFTs that the company has taken the entire ecosystem by storm today.
So this morning, out of the blue, Visa announced the acquisition of an NFT, and not the least. Indeed, the company has acquired CryptoPunk #7610 from the eponymous series, which will have contributed so much to the growth and democratization of NFTs this year.
“Over the past 60 years, Visa has built a collection of historic business artifacts – from the first paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk number 7610 to its collection.”
In practice, the company paid 49.5 ETH to acquire this NFT, or about $165,000.
Visa a player in the NFT trade?
Along with this purchase, Visa also published a whitepaper on NFTs to help companies and businesses understand how to integrate them into their business.
In the 17-page document, Visa explains the basics of NFTs, what they are and how they can serve businesses and brands.
“They have become a great way for individuals and businesses to leverage unique assets, engage fans and potentially generate revenue, all while staying ahead of the curve and keeping pace with innovation.”
Perhaps this foreshadows the company’s broader involvement in this booming ecosystem.
The company had made news in recent months by processing the first 100% cryptocurrency transaction going through a traditional payment processor. Thus the company had enabled a transfer in stablecoin USDC via its system.