Visa Purchases NFT Token from CryptoPunks Collection for $150K
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Aug. 23, 2021

Visa, a multinational financial services corporation, has purchased CryptoPunk 7610 for 49.50 ETH (~$149,939). The corporation says it decided to buy the NFT token to learn how the market works as NFTs will play an "important role in the future" of retail, social media, entertainment, and commerce.

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"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," said Cuy Sheffield, Head of Crypto at Visa.

User Pays $135,000 for The NFT of a Rock

Though the rollout date of new services remains unclear, Sheffield says Visa already collaborated with Anchorage Digital, a crypto for institutions, to complete testing of NFT products so that it could help its partners navigate the process.

Meanwhile, Visa sees that the general hype around the cryptocurrency market started to decline. According to Visa CFO, Vasant Prabhu, interest in cryptocurrencies started to fall in June this year. The highest interest was seen during the bitcoin rally recorded between April and May, he added.

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