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Visa Executive: Crypto is ‘Becoming Cool –
Visa’s head for crypto sees a new class of mainstream customers entering the crypto space because of non-fungible tokens. The executive further says: “Crypto is becoming cultural. It’s becoming cool.”
Visa Executive: ‘Crypto is Becoming Cultural, It’s Becoming Cool ‘
Cuy, Visa’s chief of crypto, spoke about cryptocurrency in a panel discussion at the Singapore Fintech Festival.
He explained that a “whole new class” of mainstream consumers are entering the crypto space because of non-fungible tokens (NFTs). According to the Visa executive, people with an interest in music, art, and culture are creating crypto wallets in waves. He also noted that they are eager to support other creators and create their own NFTs.
Before the NFT boom, Sheffield stated that crypto assets were primarily attracted to people who are passionate about gold and finance. He stated, “It used be that if your were investing in crypto you were kinda weird,” adding:
Crypto is becoming cultural. It’s trendy.
The Visa executive explained that crypto wallets are being used for many more reasons than before. Crypto wallets were previously used to store cryptocurrency. He explained that people now use them to find new music and that they have become a “super app” that has an impact on their lives.
In August Sheffield was asked if he believed NFTs would become mainstream. Sheffield replied, “Only time will reveal.” He replied, “Only time will tell.”
We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce.
Visa is a supporter for NFTs. The company launched an NFT program to support digital artists in October. In August, Visa purchased an NFT from the Cryptopunk collection for $165K in ether. “To recognize the role that Cryptopunks have played as an historic NFT project, bridging culture and commerce, Visa has decided to purchase Cryptopunk 7610, Sheffield said at the time.
What do you think about the Visa executive’s comments? Please leave your comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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Wes Davis is a weekend editor who covers the latest in tech and entertainment. He has written news, reviews, and more as a tech journalist since 2020.
A group of people sued Nike this week over its decision to wind down its virtual show project RTFKT last year. The buyers of the digital assets accuse Nike of causing “the rug to be pulled out from under them,” and say they wouldn’t have bought its NFTs if they’d known they were “unregistered securities,” reports Reuters.
Filed in New York’s Eastern District, the proposed class action lawsuit seeks “unspecified damages of more than $5 million for alleged violations of New York, California, Florida and Oregon consumer protection laws.”
Nike tried to jump into the NFT game by buying RTFKT in 2021. But, like Starbucks Odyssey, it never quite worked out and the company abandoned the idea, announcing in December via the RTFKT X account that it planned to “wind down RTFKT operations” by the end of January this year.
Since then, RTFKT has seemingly been maintained by a single person named Samuel Cardillo, who spent Thursday posting through the sudden disappearance (and later reappearance) of artwork for its CloneX NFTs project.
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