Visa Spent $150,000 On A CryptoPunk NFT
Crypto Briefing | Aug 24, 2021 12:48AM ET
The company bought Punk #7610 for $150,000.
Visa (NYSE:V) has announced the purchase of a CryptoPunk NFT, furthering its commitment to understanding cryptocurrency services with the goal of offering them to its clients and customers.
h2 Visa Buys A CryptoPunk/h2Visa has become the unlikely owner of a CryptoPunk.
The financial services giant has revealed itself as the buyer of Punk #7610 in a blog post published Monday. The company bought the Punk for 49.5 ETH or around $149,939 at the time of purchase on Aug. 18.
Along with announcing its CryptoPunk purchase, Visa published an interview with Cuy Sheffield, the company’s Head of Crypto, to help explain the decision. Sheffield stated that Visa bought a CryptoPunk “first and foremost to learn,” going on to explain a more detailed rationale for the purchase. Sheffield said:
“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.”
Sheffield went on to list several use cases for NFTs, including sports memorabilia applications like NBA Top Shot and possible integration of NFTs into the music industry, asserting that Visa expects “a huge range of new cases in the years ahead.”
Since Visa announced the news of its Punk purchase, the market for CryptoPunks has entered a frenzy. The lowest-priced Punks have quickly been bought up, raising the floor price to around 63 ETH, worth $211,000 at today’s prices.
Just three weeks ago, the price for the cheapest CryptoPunk shot up to 34 ETH when an unknown buyer swept the floor, purchasing a total of 88 Punks in one transaction. By factoring in today’s Punk price movement and the appreciation of Ethereum, CryptoPunks are up over 100% this month.
Get The News You Want
Original Post
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.