In a recent interview with Forbes, Cuy Sheffield, head of crypto at Visa, has discussed the future of crypto and NFTs after the company enters the industry with a $150,000 purchase of CryptoPunk 7610, which is Visa's first piece of NFT technology. According to the head of the crypto department, it is "just the beginning." Anchorage Digital has acted as a custodian of the deal and also became one of the first banks to custody a deal using NFT technology.
Sheffield has expressed his thoughts on the future of NFTs and their role in the future of social media, entertainment and commerce. In order to better understand the technology of interaction with NFT, the company has decided to become part of the industry in alliance with the Anchorage bank. According to the head of the crypto, it will help the company to better understand the market and navigate their clients in the space.
Visa is looking forward to entering the future of the digital arts industry and plans to purchase more NFTs:
We envision there could be a future where your crypto address becomes as important as your mailing address. In the same way Visa’s been here through shifts of commerce before, we're really excited to help drive this new shift of commerce in the future.
The deal was realized with the help of Ethereum smart contract technology, which allows users to trade various assets like NFTs on the blockchain without a third party involved. The details of the deal are available on the CryptoPunks blockchain and the NFT's personal page.
The purchased NFT has been stored in a digital vault that is available only through Visa's private key. Anchorage's case might become a blueprint for other institutional investors that are willing to participate in the rapidly developed NFT market.
Sheffield also says that the company is looking forward to helping merchants, artists and developers to begin interacting with NFT commerce.