Visa enters the first purchase NFT

On August 18, the Visa digital payments giant spent $ 150,000 to buy a unique work of art and, in doing so, quietly took its first step in the online world metavese, an emerging online world that promises to transform the Internet into a virtual reality.

Instead of canvas or marble, the pixelated illustration, called cryptopunk 7610, is what is called a non -bubilizable token (NFT), a unique digital asset which, similar to Bitcoin, certifies the authenticity, the property and the origin of any digital object written on a blockchain. One of the 10,000 24×24 pixel images from the cryptopunk collection, generated algorithmically, the first visa NFT is an avatar of a female character, distinguished by a mohawk, large green eyes and a bright red lipstick.

However, the company has not really held 49.5 ETH, paid for the token or the asset itself. Instead, the newly authorized bank, anchorage, helped facilitate the agreement and became the first American bank known to hold one of these new assets.

As an increasing number of crypto enthusiasts, players, founders and investors rush to take advantage of their complaints in the world encompassing virtual experiences, digital assets and avatars, seemingly simple transactions show a new path for the types of services that companies and banks should need to offer in the future.

“We believe that NFT will play a really important role in the future of retail and social media, entertainment and trade,” explains Cuy Sheffield, head of the Visa crypto, who is passionate Collector nft himself. “So we wanted to understand what it takes to acquire, custody and interact with an NFT. We worked with anchorage to do this so that we can create expertise and be better positioned to help customers navigate this space. »»

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According to information shared exclusively with Forbes Before the announcement, the transaction, involving an undisclosed third party seller, was executed via an Ethereum intelligent contract, decentralized software operating on the blockchain and carried out mainly by anchorage. Its details can be visualized On the Laba Labs website, Cryptopunks developer.

Anchorage then stored the NFT bought in the Visa digital safe, accessible with the private visa key. “Instead of a traditional bank with a real safe behind one of these very heavy doors, it is stored behind a very blind digital door, which is the safety that Anchorage guarantees,” explains Diogo Monica, co-founder and president of Anchorage Digital.

Although the bank is not required to go through a complete KYC (knowing your client) process to check and check the seller, Anchorage made sure to check this box, understanding that this could provide a plan for other business and banking giants ready to participate in the booming economy.

If metavese merchants are required to transform the economy, Visa sees its role in the engine of this revolution. “We plan that there could be a future where your cryptographic address becomes as important as your postal address,” explains Sheffield. “In the same way that Visa has already been here through changes of trade before, we are really delighted to help generate this new change of trade in the future.” The company also plans to buy more NFT.

The virtual world of metavers already gives birth to markets and opportunities of several billion dollars. Blue chip collections like cryptopuples, with a sales volume of $ 752 millionOr the best NBA shot of $ 661 million, has increased in value this year. The game games, like Infinity Axie, take off thanks in part to a strip of users looking for alternative income sources, especially in the countries harshly affected by the pandemic. Earlier this month, Axie became the first NFT game to hit $ 1 billion in sales. There is so much money involved that some experts fear that NFT can become a rigid opportunity for bad actors engaged in illegal practices such as money laundering. However, with other business giants, FacebookSeeking to capitalize on the prosperous Romanesque sector, the metavese seems to be ready for more in -depth growth.

To this end, with the cryptopunk purchase ad visa, has also published a white paper NFT, in order to help brands and businesses better understand NFT and their potential.

“This is only the beginning of our work in this space,” explains Sheffield. “We are really delighted to see what developers build and how we can help traders, brands and platforms to connect and interact with NFT Commerce.”