Visa announced on August 23rd that it had spent nearly 50 ETH for a CryptoPunk non-fungible token. Some might interpret the move as a continuing support for the cryptocurrency industry.

Visa tweeted:

“Over the last 60 years, Visa has built a collection of historic commerce artefacts—from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection.”

The purchase was made on August 18, 2021, and Visa paid 49.5 ETH for it. With today’s prices, this means that the company’s first NFT purchase cost around $166,000.

Thus, the CryptoPunk will join other “historic commerce artifacts” stored by the firm. These include paper credit cards and zip-zap machines.

Visa has also issued a comprehensive report on the merits and functions of non-fungible tokens and its future strategy.

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

The company pledged to help its growing number of clients by providing the necessary infrastructure for them to “purchase, store, and leverage an NFT.”

Previously, Visa partnered with numerous companies from the digital asset sector, including Binance, Circle, Stellar, and others. It enabled each to launch credit and debit cards which customers can use for payments with cryptocurrencies.

Visa’s CEO hinted earlier this year that the firm could directly add digital asset transactions to its payment network, used by millions of people.

NFTs, on the other hand, have been among the hottest sectors of the industry in the past year. Celebrities, athletes, businesses, and brands from countless fields have tapped into the mania, launching their personal digital art collections to enhance fan engagement.

Source: Visa Joins NFT Craze, Buys A CryptoPunk For 49.5 ETH Worth $166,000 – Fintechs.fi