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Visa stock gains after jumping into NFTs with purchase of a CryptoPunk

Visa stock gains after jumping into NFTs with purchase of a CryptoPunk


Seeking Alpha
2021-08-23 17:11:14
Visa stock gains after jumping into NFTs with purchase of a CryptoPunk

To illustrate how NFTs work, Visa (V +1.3%) purchases a CryptoPunk7610, a piece of digital art, highlighting NFTs' (non-fungible tokens) potential role in the future of retail, social media, entertainment and commerce, Cuy Sheffield, the company's crypto and NFT expert, said in a blog post. The exercise will help give Visa's clients and partners an understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT, the company said. The company worked with Anchorage Digital to complete the process, making Visa better positioned to help its partners navigate such a transaction, Sheffield said. Visa (NYSE:V) expects NFTs to open up opportunities in artistic markets and for small and medium-sized businesses. "NFTs give small businesses an opportunity to harness public blockchains for producing digital goods—which can be delivered instantly to a crypto wallet," Sheffield said. Use of NFTs could also increase customer engagement, he said. "The

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