Financial services giant Visa has decided to venture into the nascent NFT sphere with the purchase of its own Cryptopunk with the intention of broadening its understanding of the crypto space so as to better serve its customers. This was contained in a statement released by the financial institution earlier today.
According to the announcement, Visa bought Punk #7610 for 49 units of Ethereum which translates to around $150,000 at the time of purchase.
The firm’s head of crypto, Cuy Sheffield, revealed that the fintech company had bought the CryptoPunk for the purpose of learning about the space. He continued that “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.”
The top executive also hinted that the NFT space would begin to see a lot of use cases as the industry grows citing examples in sports memorabilia, music and others.
Visa NFT purchase has pushed the average values of cryptopunks to 63 ETH whereas this stood at around 34 ETH when an anonymous buyer bought 88 Punks in one swoop.