Visa's head of crypto, Cuy Sheffield, said in a blog post that the main purpose behind Visa's purchase was to learn more about the growing market. "We think NFTs will play an important role in the future of retail, social media, entertainment and commerce," Sheffield wrote. "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."
He also said Visa wanted to signal its support for the creators, collectors and artists who are developing NFT commerce, as well as to “collect an NFT that symbolizes the excitement and opportunity of this particular cultural moment.”
Sheffield further compared NFTs to the early days of e-commerce in which small businesses were empowered to sell online and reach customers worldwide. "We can envision a future in which your crypto address becomes as important as your mailing address," Sheffield wrote.
Visa paid $150,000 for a soundbite. If they are trying to make a market in nonfungible tokens that’s a small price to pay. It’s a sector that is exploding with interested counterparties.Click HERE to subscribe to Fuller Treacy Money Back to top