Visa steps into NFT fever. Buys CryptoPunk #7610 for $166,000

By Shaurya Malwa

Payments company Visa has bought CryptoPunk #7610 as part of a broader portfolio of alternative assets, it said in a post this morning. The punk is worth 49.5 ETH (the equivalent of approximately $166,000) and the deal was facilitated by Anchorage Digital.

“Over the last 60 years, Visa has built a collection of historic commerce artifacts – from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection,” the firm said in a tweet.

Over the last 60 years, Visa has built a collection of historic commerce artifacts – from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection. https://t.co/XoPFfwxUiu

— VisaNews (@VisaNews) August 23, 2021

Why buy CryptoPunk NFTs?

CryptoPunks was launched in 2017 by Larva Labs and are considered one of the first non-fungible token (NFT) collections.

NFTs, for the uninitiated, are blockchain-based representations of real-world or virtual unique objects that prove their holders are the true owner of whichever underlying asset they represent, with the latter ranging from crypto collectibles to in-game assets to real estate.

In its post, Visa said it wanted to collect an NFT that symbolizes the excitement and opportunity of this particular cultural moment. The firm further signaled support for creators, collectors, and artists driving the future of NFT-commerce.

“We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce. To help our clients and partners participate, we need a firsthand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT, explained Cuy Sheffield, head of crypto at Visa.

As such, CryptoPunk #7610 is one of the 3840 Female punks in the CryptoPunks collection. It features a mohawk, clown eyes green, and hot lipstick—rare features that give ‘value’ to the NFT.

Now stored in Visa’s digital vault, held by Anchorage, we wonder what other interesting NFT’s and collectibles will be joining this female CryptoPunk in the future?

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