Visa Tests NFT Space With $150K ‘CryptoPunk’ Purchase – Law360

visa tests nft space with 150k cryptopunk purchase law360

Visa Tests NFT Space With $150K ‘CryptoPunk’ Purchase – Law360

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Law360 (August 23, 2021, 4:29 PM EDT) — Visa said Monday it bought a nonfungible token of a “CryptoPunk” digital artwork for $150,000, in an effort to gain first-hand insight into a burgeoning NFT marketplace that the payments giant said could have significant ramifications in online entertainment and commerce.

Visa purchased an NFT of “CryptoPunk 7610,” a stylized digital picture of a female character with a mohawk, for nearly $150,000 worth in the cryptocurrency ether. Nonfungible tokens, or NFTs, are digital tokens that represent ownership of a digital good such as an image or video.

Visa’s head of cryptocurrency, Cuy Sheffield, said in a blog post Monday that the…