You know the saying: if you can’t beath them join them?
Well, at Visa they have probably thought this was a valuable strategy.
The funny thing? Visa is in many ways a competitor of many blockchain projects, yet, they still decided to join the NFT mania. Take that “NFT-is-a-bubble” guys!
How did Visa buy its first NFT?
The main actors behind Cryptopunk #7610 acquisition were Visa’s Head of Crypto and NFT collector, Cuy Sheffield, and Anchorage Bank, the most advanced digital asset platform. One year ago nobody would have bet a penny on something like this happening, and yet, here we are.
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.Cuy Sheffield, Visa’s Head of Crypto
How did the sale happen? Visa didn’t buy the Crypto Punk directly, instead it was Anchorage that bought and now custodies the NFT, becoming the first Bank to officially have in custody an NFT.
The acquisition marks a historic turning point, as Visa owning an NFT clearly shows the interest of the financial institution in the Metaverse and in Non-fungible Tokens.
After the frenzy of March, topped by Beeple historic $69 million sale, the NFT world went through a harsh phase, the crypto market dipped, scaring many investors.
However, this summer the NFT market has seen a strong recovery, with Opensea NFT Marketplace scoring its all time high in trading volume (over $1 billion).
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