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      Visa Enters the NFT Market - Stocks Telegraph

      By ST Staff

      Published on

      August 25, 2021

      7:11 AM UTC

      Visa Enters the NFT Market - Stocks Telegraph

      NFTs are Non Fungible Tokens that can’t be replaced. NFTs are being used to sell art, music, and possibly real estate in the future too.

      CryptoPunk and their Influence

      CryptoPunk was funded back in 2017 and were one of the early NFTs on Ethereum Blockchain.  Originally, they could be claimed for free by anybody with an Ethereum wallet, but all 10,000 were quickly claimed. Now they must be purchased from someone via the marketplace that’s also embedded in the blockchain. The company has gained a lot of attention as they were one of the pioneers and hence hold value in the community. Many people and investors and been trying hard to acquire the art. The pieces can be purchased on larvalabs.

      Recently the sale of CryptoPunk has soared high as Visa a credit-card company has entered the market by buying one of the art by CryptoPunks. The news was released on Twitter via their official handle it read:

      “Over the last 60 years, Visa has built a collection of historic commerce artifacts – from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection.

      Figure 1 CryptoPunk #7610 bought by Visa
      Figure 1 CryptoPunk #7610 bought by Visa

      “We think NFTs will play an important role in the future of retail, social media, entertainment and commerce,”

      Cuy Sheffield, Visa’s head of crypto, said in a company blog post. Visa wanted to “signal our support” for people involved in the NFT market, Sheffield said.

      Visa has bought the piece for a price of $150,000. Now if you are new to the world of NFT or the crypto market itself, this might sound like a big number to you. But here NFTs have been sold for way much more than that. The most expensive NFT ever sold is “Everydays – The First 5000 Days”  and it sold for a massive price of $69,000,000.

      What is the whole deal with buying these?

      A lot of people are trying to get their hands on NFTs and the market is continuously growing. Some people are buying these because they are collectors and are art enthusiasts. Some others consider it an investment opportunity and have plans to sell it in the future when its price increase more.

      More and more giants are entering the field and it can be said that blockchain technology isn’t going anywhere soon.

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