TL;DR Breakdown
• The multinational payment server Visa has bought the CryptoPunk project focused on NFT.
• Trade-in non-fungible tokens increases in 2021.
The global financial institution Visa has been the last company to enter the NFT market for its benefit. In the early hours of Monday, August 23, Visa announced that it signed an agreement to buy CryptoPunk. This purchase would correspond to one of the virtual avatars focused on Non-fungible tokens; the payment closed at $150000 in Ethereum.
Non-fungible tokens or NFTs are unique virtual currencies created to show authority in a product like a house contract. These tokens differ from cryptocurrencies like Bitcoin because they cannot be exchanged, with their true value in storage.
NFTs and their functions in the virtual market
These unique contracts make virtual items valuable in the art world, fashion, and other trends. Non-fungible tokens can also be compared to the strange collectible cards that a person can store for years.
The crypto director within Visa said the company thinks NFTs play a leading role in future trading. Non-fungible tokens could enter today’s financial market on social media or entertainment websites.
The cryptocurrencies manager at Visa suggests that the company know the NFT infrastructure to achieve its objectives. In this way, Visa could guarantee its partners and clients the best solutions for purchasing, selling, and storing non-fungible tokens.
Cuy Sheffield, the Visa crypto director, thinks that the CryptoPunks project is very important to crypto enthusiasts. Sheffield believes the purchase of this non-fungible token in the company only marks the beginning of all plans.
Several multinational companies take advantage of the non-fungible tokens rise
So far, in 2021, several multinational companies are taking advantage of the NFTs popularity to join the game. Christie’s most iconic auction house in London has created several non-expendable token auctions valuing its pieces in thousands of dollars. In March, Christie’s set a sales record by receiving a payment of $69 million for a work by virtual artist Beeple.
But some news agencies such as The New York Times, Fortune, and CNN have also created and sold their non-fungible tokens. The New York Times magazine had the privilege of selling a non-fungible token for close to $500,000 in March.
Although everything sounds attractive in the NFT market, some investors don’t trust these tokens. Although the non-fungible token contracts show a solid working scheme, the holders do not have the item in physical form. With non-fungible tokens online, holders risk being stolen and lose their money because refunds are not applicable.
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