• OpenSea, a popular non-fungible token marketplace, hit $1.5 billion in nearly 30-day trading volume.
  • Visa's purchase of the CryptoPunk was facilitated by newly licensed bank Anchorage, the first known U.S. bank to custody non-fungible token assets.
  • Crypto analyst Lark Davis states that his timeline is all non-fungible tokens and shares a bullish outlook on collectible digital assets and income generation from them.

NFTs are building the foundation for the metaverse, a collective virtual shared space created by the convergence of physical reality and physically persistent virtual space. Payments giants and institutions like Visa are warming up to decentralized finance, buying into the NFT craze. 

Visa steps into "NFT Commerce" with the acquisition of a CryptoPunk 

Visa, an American multinational financial services corporation, has purchased its first non-fungible token, CryptoPunk 7610. The CryptoPunk NFT collection is one of the earliest, and it features 10,000 pixelated faces. The faces include humans, zombies, apes, and aliens. 

The firm announced its NFT purchase on Twitter

Visa's head of crypto, Cuy Sheffield, shared his thoughts on the latest purchase on Twitter. According to Sheffield, Visa believes NFTs will play an important role in the future of commerce and can help individual content creators and small and medium-sized businesses in new ways. 

CryptoPunk 7610 is one of the 3840 female punks for nearly $150,000 on August 8. 

Visa is known to collect vintage pieces related to commerce for its art collection. The purchase of the non-fungible token was facilitated by Anchorage using fiat currency. The U.S. bank custodied the NFT for Visa. 

In an official blog post on Visa's website, the payments giant shared Sheffield's plans for NFT buyers and sellers and the role that Visa intends to play. 

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...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.

NFTs are exploding since the beginning of 2021, and with Visa entering the ecosystem, it strengthens the grip of non-fungible tokens on crypto commerce. 

OpenSea, the leading peer-to-peer marketplace for NFTs, has clocked $1.5 billion in sales volume based on data from dappradar.com. Marking approximately a 542% increase over the last month, OpenSea has captured nearly half of the total transaction volume in the NFT industry. 

News of Visa’s interest in decentralized finance and NFTs comes at a time when digital art and collectibles are at the peak of their popularity on marketplaces like OpenSea. Therefore, further rise in NFT popularity and its stronghold on the metaverse is possible in the near term.

Crypto analysts have witnessed a surge in the mentions of NFTs in their crypto Twitter timelines and media headlines. Lark Davis, independent crypto analyst and YouTube content creator, tweeted

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum price downside risks resurface amidst falling investor interest

Ethereum price downside risks resurface amidst falling investor interest

Ethereum price is trading marginally above $1,300 after its bullish shoots were slashed at $1,400 on Tuesday. The presence of immense buyer congestion at $1,255 cut short the pullback that may very well have tagged $1,200. 

More Ethereum News

This best-case scenario for Litecoin price forecasts a 20% drop

This best-case scenario for Litecoin price forecasts a 20% drop

Litecoin price action over the last few weeks paints a bearish picture, as discussed in our previous article. Since then, LTC has triggered a breakout and is likely to continue heading lower.

More Litecoin News

Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

Large wallet investors on the Ethereum network are keen on accumulating Shiba Inu. The 130th largest Ethereum whale scooped up 272 billion Shiba Inu coins overnight. Analysts retain a bullish outlook on the altcoin. 

More Shiba Inu News

Dogecoin price provides sidelined buyers another opportunity before a 50% rally

Dogecoin price provides sidelined buyers another opportunity before a 50% rally

Dogecoin price undid its gains seen between September 21 and 24 as it came tumbling down, following the footsteps of Bitcoin price. This downtrend has provided sidelined buyers a chance to accumulate before the inevitable explosion of bullish momentum.

More Dogecoin News

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.

Read full analysis

BTC

ETH

XRP