Visa enters the world of “NFT commerce” following CryptoPunk purchase

Leading payments provider Visa has entered a “new era of NFT commerce” following its purchase of CryptoPunk #7610.

Visa bought CryptoPunk 7610 – one of 3,840 female punks – for 49.50 ETH ($149,939) last week, according to available on-chain data. Visa worked with Anchorage to buy the NFT.

CryptoPunks were launched in 2017 by Larva Labs, and were one of the original NFT projects to appear on the Ethereum blockchain. Recently, they have seen a remarkable resurgence after NFTs once again become a sought-after commodity in the crypto space.

CryptoPunks are a collection of 10,000 pixel art images of misfits and eccentrics. Each CryptoPunk has its own “personality” and unique combination of features known as attributes.

Currently, the lowest price punk for sale is 61 ETH ($203k), with the average sale of a Punk reaching prices close to $210k each. Since the Visa announcement, an estimated 100 punks have been bought, suggesting that the fervour surrounding CryptoPunks isn’t going to subside anytime soon.

Visa’s head of crypto – Cuy Sheffield – spoke about the purchase of the CryptoPunk and highlighted the importance of NFT commerce for future markets.

“To recognise the role that CryptoPunks have played as an historic NFT project, bridging culture and commerce, Visa has decided to purchase CryptoPunk 7610,” he said when asked why Visa purchased the NFT.

“We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce.

“With our CryptoPunk purchase, we’re jumping in feet first. This is just the beginning of our work in this space.”

The role of Visa in NFT commerce

Visa believes that its network will make NFT commerce more accessible for both buyers and sellers. Sheffield spoke further about the role of Visa in the NFT space and how Visa can help the space gain exposure to a wider market.

“In the near term, we want to help brands and businesses better understand NFTs and how they might be harnessed for customer and fan engagement,” he said.

“Looking ahead, we’re working on some new concepts and partnerships that support NFT buyers, sellers, and creators.

“We look forward to sharing more in the months ahead.”

Visa additionally published an NFT whitepaper that aims to assist businesses on how to integrate NFTs into its platforms and how Visa can facilitate this.

Visa has quickly become a leading integrator of crypto products and services to its network, mainly through providing Visa users with the option of buying and selling Crypto using Visa cards on major exchanges like Coinbase, alongside the ability to pay with crypto across a vast global merchant network.