ChainIDE topic discussion #13 Did VISA knock on the door of the NFT market with $150,000?
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Did VISA knock on the door of the NFT market with $150,000?
Background
On August 23, the biggest winner in the entire crypto market was Visa. It only spent $150,000 to buy the CryptoPunk avatar number #7610, and obtained the most popular public relations promotion on the entire network.
When asked why Visa bought the CryptoPunk, Cuy Sheffield, head of Visa's encryption business, said in an interview that CryptoPunk led the wave of NFT technology and NFT business. The implication is that VISA sees "NFT" as the future of the business process.
As early as March of this year, Visa has announced that the company will settle USDC on Ethereum, and it is also the first major payment network to settle transactions with stablecoins. At the same time, the company also focuses on promoting central bank digital currency or CBDC payments.
The "CryptoPunks" purchased by VISA this time has long been a star series in the NFT field. It is the pixel art avatar NFTs launched by Larva Labs in 2017, and it is also one of the hottest topics of NFT recently. It is essentially a series of pixel avatars, a total of about 10,000, of which the most valuable are the apes and aliens, and the alien Punk has only nine. This time VISA purchased one of 3840 female avatars, and there is nothing special about the appearance.
After the news of Visa’s purchase came out, in the next hour, another 90 CryptoPunks NFTs were sold out, with a total sales of approximately US$20 million.
According to DappRadar data, the 24-hour trading volume of CryptoPunks skyrocketed by 1039.93%. Among them, the NFT with the CryptoPunk number #7252 topped the list with a transaction price of 5.3 million U.S. dollars in the past 24 hours, and the total transaction volume exceeded 800 million U.S. dollars, a record high.
NFT has gained an increasing share of Ethereum network activities, such as avatar-based projects, on-chain generated art, sports collectibles, virtual lands, and game earning games. Looking optimistically, when entering the NFT mania period, the NFT market will be injected with a large amount of capital, and trillions of assets will be invested in competing artists and art projects. Perhaps digital art will produce new innovations that can completely change the development of digital art. Paradigm.
Discussion:
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What does it mean for payment giant VISA to join the NFT market?
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How can we be alert to financial bubbles when the NFT market is booming?
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What impact will the boom in the NFT market have on the NFT itself?
Further reading:
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Visa bought the NFT collection CryptoPunk 7610, opening a new chapter in NFT
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Visa purchased CryptoPunk 7610 for US$150,000, first stepping into "NFT business"
Welcome to discuss here.
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The NFT space has been gaining momentum, and VISA's $150,000 investment further validates its relevance. It's exciting to see how this foray into the NFT market will impact the financial landscape and potentially create new opportunities for artists and collectors alike.
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