BULL VIEW: Thinking about Visa’s $150,000 purchase of cryptopunk

Ryan Brown
3 min readAug 24, 2021

Bull Wallet is the world’s most popular multi-chain NFT wallet. It is serving users in 114 countries and regions around the world. Bull Wallet has the richest interactive activities and cutting-edge project information, and it is becoming the latest choice for crypto investors. . BULL VIEW is an insightful market analyst team under Bull Wallet, committed to providing professional and cutting-edge investment references for all crypto investors.

BULL WALLET

American multinational financial services company Visa announced on the morning of Monday (August 23rd, Eastern Time) that the company paid $150,000 to purchase CryptoPunk NFT, a blockchain art token, to increase its “historical commercial artifact collection.” In a company blog post, Visa declared that “NFT marks a new chapter in digital commerce.”

The recognition mark of NFT by large financial institutions like Visa may obviously take NFT perception to another level: even if it is a small expenditure of $150,000, Visa’s participation may trigger $20 million in cryptopunk. The trading frenzy in the market, and the hype train will certainly continue to move forward.

You might ask? Why would Visa pay $150,000 in such a sacred name to purchase 25×25 pixel images stored in an extremely expensive and slow database?

In the view of the BULL VIEW team, Visa’s behavior is more like an instinctive stress response. As a bigwig in the payment industry, in order to cope with a certain sudden big trend, in order to avoid the competition of unknown tracks because of ignorance. Losing the competition is the homework they must do. This unknown track is blockchain, cryptocurrency, NFT and other technologies.

Cuy Sheffield, Head of Encryption at Visa, said in a blog on Monday: “We believe that NFT will play an important role in the future of retail, social media, entertainment and commerce. To help our customers and partners participate, we need to buy, store, and Utilizing the infrastructure of NFT requires first-hand understanding.”

Returning to the development of NFT itself, it also reflects people’s preference for pursuing unique values, coupled with more and more transitions to online life, means that in addition to physical identity symbols such as jewelry, there is a new competition for similar exclusive digital items.

BULL WALLET

Although the increased interest in NFTs stems from the tokenization of digital art, anything unique — even physical assets — can be tokenized through NFT.

As of now, according to CoinGecko report data, the NFT market has exploded in early 2021. The total market value of the NFT market has reached 27.9 billion US dollars, accounting for 10% of the global art market sales.

Behind Visa spending $150,000 to buy cryptopunk is the stress response of capital giants’ deployment of NFT tracks and emerging technologies, and it is a guide for the future development of blockchain. The future of NFT is full of vitality!

--

--

Ryan Brown

An analyst who recommends high-quality digital assets