Why did Visa just buy a 'CryptoPunk' NFT for $150,000? “We want to have a seat at the table as the crypto economy evolves,” Cuy Sheffield, Visa’s head of crypto, said in emailed comments to MarketWatch.
Visa Inc. said on Monday that it purchased a “CryptoPunk” nonfungible token, or NFT, for nearly $150,000, jumping into the growing frenzy around digital assets that some argue could be a gamechanger in the realm of art, music and ownership of virtual assets.
An NFT is a unique verifiable digital asset using blockchain technology. NFTs essentially amount to digital certificate of authenticity and allow digital assets, including artwork and music that exist only on screens, to be traded and tracked. Sheffield said that Visa’s purchase is “a great way to raise awareness about the potential of this space while providing us an opportunity to learn and help our clients navigate it.”
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