NFTs or Non-Fungible Tokens are not as new as the majority of people think. The first-ever piece of NFT artwork was created on May 2, 2014, by Kevin McCoy and Anil Dash. However, it wasn’t until early this year that the craze really took off. In comparison to the same time in 2020, NFTs have seen a huge 26x volume growth. Usually, you would be forgiven for thinking that it is a world of eccentrics paying huge amounts of cryptocurrencies for digital artwork – until now.
Visa Buys NFT Artwork
On the 18th of August, 2021, Visa spent a huge $150,000 on a piece of art called CryptoPunk 7610; a pixelated female avatar with a mohawk, bright red lipstick, and huge green clown eyes.
The number 7610 is to distinguish Visa’s artwork from the other 9,999 images in the algorithmically generated set of 10,000 images measuring only 24×24 px each.
Looking at the official CryptoPunks page on the developer’s website, Larvalabs, the $150,000 that Visa paid is quite low in comparison. The highest sale in the collection so far has sold for 4,200 ETH ($7.58 million) on the 11th of March 2021.
What is The Future for NFTs?
Although the amount Visa paid for the NFT is relatively low for some of the other CryptoPunks, the impact of such a large corporation buying it is immense.
To push the craze, even more, Visa published an NFT whitepaper stating:
Sports businesses are being challenged to find ways to harness the latest
technology and deliver an experience that meets the behaviors of their fans.
They [NFTs] have become a great way for individuals and businesses to
capitalize on unique assets, engage fans, and potentially generate
revenue, while staying ahead of the curve and keeping pace with innovations
Maybe we will start seeing real sports card NFTs for fans, bigger versions of the well-known games like Pokemon, or anything else from a vast array of options.
Visa is paving the way for more opportunities, and it is clear to see why.
The featured image is a screenshot of the official Larvalabs.com transaction.