The non-fungible token (NFT) space has seen tremendous growth in recent months
Payment leader Visa bought a non-fungible token (NFT) for $ 150,000, making it one of the first to do so. The company expects NFTs to play a major role in the future.
Visa bought the CryptoPunk 7610 for $ 150,000, making its first entry into the NFT world. In a blog post yesterday, Cuy Sheffield, Visa chief executive officer, stated that “We believe that NFTs will play an important role in the future of retail, social media, entertainment and commerce. “
Sheffield said that in order for Visa to enable its customers and partners to enter the NFT space, the company must understand firsthand the infrastructure requirements of a global brand to buy, store and use NFT.
“With our CryptoPunk purchase, we jump into our feet first. This is just the beginning of our work in this area, “he added. CryptoPunks are Ethereum-based digital works of art created by Larva Labs Studio.
NFTs differ from the other tokens in the field of cryptocurrencies, as they cannot be exchanged for the same thing, which is possible with regular cryptocurrencies. This makes each NFT unique and rare.
The past few months have been exceptional for the NFT market. Several companies and leaders have entered the room. NFTs enable creatives and celebrities to bring digital pieces to market and make money from them. We have seen artists, musicians, athletes, and media companies launch and sell a wide range of NFTs over the past few months.
Popular digital artist Beeple’s NFT remains the most expensive to this day. It was sold for around $ 70 million by leading auction house Christie’s. The growth of the NFT sector is highlighted by the fact that OpenSea recently reached $ 1 billion in monthly trading volume.
The non-fungible token area is still in its infancy and could continue to grow in the years to come.