THE WHAT? Visa has purchased the NFT of a digital avatar with ‘hot lipstick’ for US$150,000, according to a report published by Bloomberg Wealth. The company worked with Anchorage Digital to complete the process.
THE DETAILS CryptoPunk #7610 was purchased by the payments company with 49.5 of the cryptocurrency ether on August 18, per Bloomberg Wealth.
THE WHY? NFTs are rapidly gaining traction with US$1 billion in payment volume in August alone. Cuy Sheffield, Head of Crypto at Visa, wrote in a blog post on the company’s website, “First and foremost we wanted to learn. We think NFTs will play an important role in the future of retail, social media, entertainment and commerce. To help our clients and partners participate, we need a first-hand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT.”