VISA has bought a CryptoPunks NFT, which is one of the earliest non-fungible tokens in the world, aiming to invest in the new form of digital token, apart from its venture to cryptocurrency. The focus of the company is to invest in the new trend of the world which has switched from stock trading to anything blockchain-related.
The finance company has been empowered with a lot of partnerships with different companies, including Google Pay, Apple Pay, and other payment channels in the digital world. However, it seems like that is not enough, as the company now focuses its services on a purchase involving blockchains.
VISA Buys CryptoPunks NFT
One of the most massive financial services in the country has now dived into the world of blockchains, cryptocurrencies, and NFT, and that only shows the popularity of these tokens is growing. According to VISA's blog and Cryptocurrency Head Cuy Sheffield, CryptoPunks is one of the earliest NFTs in the world, and this is a great investment for them.
VISA bought CryptoPunk 7610, and it is priced at $150,000, which the company bought with ethereum. Sheffield and VISA believe that it is a step to the next generation, as the company looks at the possibility of NFTs thriving more than what experts expect it to be.
Initially, the NFT world and Cryptocurrency have faced a lot of negative reactions, including that of being in a "bubble" where it would eventually "pop" and deflate. This was evidenced by the drastic increase and decrease of Bitcoin in the previous months.
VISA NFT: Why an Investment?
Nevertheless, VISA believes that cryptocurrency and NFTs would live on, hence the investment of the company to the blockchain-based items available worldwide. NFTs are becoming more popular these days particularly because of games that make it more enjoyable to collect for the public.
VISA's reason for its purchase is that it believes in the growth of NFT, and it is a way to support the NFT creators, particularly with the likes of CryptoPunks. This may be a massive step for the finance company, but it is a sound investment for them, based on their preferences.
CryptoPunks remains stellar in the NFT world and lives on despite the many forms of digital art already present in the world.
Are NFTs Good Investment?
For VISA, investing in NFTs is a good move, especially because the current trend and money are there on that particular craze. Almost everything in the public is about NFTs or cryptocurrencies, and it only goes to show that it is nowhere near bailing out or failing.
That being said, massive companies such as VISA believe in NFTs; and while this is different from a personal purchase, it signifies that renowned names believe in the future of blockchains, and maybe something to consider when hesitating for one's investment.
This article is owned by Tech Times
Written by Isaiah Richard