This year, the crypto market has gone from “weird” to “cool” thanks to NFTs, according to Visa’s head of crypto, Cuy Sheffield. As the market expands at the speed of light, more and more mainstream users start to use their digital wallets.
Crypto is no longer “something weird”
This week, the head of crypto at Visa Cuy Sheffield attended the Singapore FinTech Festival as a speaker. During his speech, Sheffield pointed out that the crypto sphere is “becoming cool” and “cultural:”
“It used to be that if you were investing in crypto, you were kind of weird.”
What’s more, Visa’s Sheffield believes that NFTs are the main reason why so many “mainstream” users joined the crypto market this year. In fact, many people have created their first digital wallet only to purchase a cool digital asset – and for good reason.
“The ability to track and leverage a digital asset in multiple environments could mean exciting new opportunities in ticketing, gaming music, art, and beyond,” he said.
How Visa is supporting crypto & NFTs
Cuy Sheffield is an avid NFT supporter himself. In fact, the head of crypto led Visa’s surprising CryptoPunk purchase. Back in August, the giant company bought the CryptoPunk #7610 NFT for 49.50 ETH (about $150,000 at the time).
Although the purchase shook the NFT world, Sheffield said it was just an attempt to “gain first-hand understanding of the infrastructure requirements for a global brand to purchase, store and leverage an NFT.”
Clearly, the company is supporting the NFT industry and its development. In fact, Visa even confirmed the launch of the Visa NFT Program last month. Accordingly, the financial giant is aiming to raise awareness of the NFTs’ potential among content creators worldwide.