Visa buys NFT for over R$800 thousand

Although the wave of NFTs has lost some of its strength, we still have big names interested in these digital arts with the payment processing giant Visa spending almost R$900,000 to buy a token. According to the company, the purchase of the NFT is part of Visa’s tradition of collecting historical commercial artifacts.

The announcement of the purchase was made by Visa itself via Twitter, stating that it purchased the “CryptoPunk #7610”.

CryptoPunks are some of the oldest NFTs in the Ethereum blockchain and actually have some of the most valuable items within the non-fungible token market.

“Over the past 60 years Visa has built a collection of historic commercial artifacts – from paper credit cards to zip-zap credit card machines. Today we have entered the new era of NFT commerce, Visa welcomes CryptoPunk #7610 to our collection.”

According to an official statement from Visa, interest in NFTs is not just in the possibility of increasing their collection, but in the possibility that this market will be much stronger in the future. Cuy Sheffield, Visa’s NFT expert said he thinks NFTs will play an important role in the future of retail, commerce, entertainment and social media.

In addition, Sheffield explained that the purchase served as a way to learn about how the NFT market works to help Visa clients enter this sector in the future.

“First and foremost, we wanted to learn (about the NFTs). We believe NFTs will play an important role in the future of commerce, retail, social media and entertainment. To help our customers and partners participate in this market, we first need to have a first-hand understanding of this infrastructure and requirements for a global purchase.”

The choice of buying a CryptoPunk is because Visa wanted to make clear its support for creators, collectors and artists.

“We also want to demonstrate our support for creators, collectors and artists developing the future of NFT commerce.”

The company thinks NFTs have the potential to accelerate the economy for creators and also encourage creative individuals to try to live off their art and digital commerce.

Not everyone agreed with Visa

What is curious and striking is that some members of the NFT community have gotten “a flea in their ear” with Visa’s support of the non-fungible token market. That’s because the payment processor in the past has already taken several actions that hurt the cryptomarket.

Crypto Bitlord user exemplified this contrasting views of Visa well.

“Yeah, but wait, why are you still canceling my account for trading cryptocurrencies?”

Another user replied: “because you trade in cryptocurrencies doesn’t give them money, as long as they trade crypto they would make a lot of money. The house always wins.”

With Visa saying it wants to help future users and partners enter the market, it is clear that it intends to encourage the sector to profit from the growing market.

“That’s crazy, I can’t even buy cryptocurrencies with my Visa card because RBC blocks it for security reasons. Maybe you should tell them it’s ok since you’re also buying?”

Unsurprisingly, not every crypto-libertarian is happy with a payments giant getting involved in an industry that aims to replace these big companies and their centralized and often controlling practices.