Visa’s Secret Crypto Strategy: Fun

 254 total views

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Visa’s Secret Crypto Strategy: Fun

By Crypto Global News

Who says business has to be boring?

“The competitive advantage crypto has that most people haven’t understood yet is that we just have more fun,” says Cuy Sheffield, Visa’s head of crypto. The payments giant is practicing what it preaches: It revealed on Monday that it followed the Internet’s “cool kids” and purchased a non-fungible token, or NFT, of a CryptoPunk, one of 10,000 iconic computer-generated characters, for $150,000.

Visa says it bought a “punk”—specifically, No. 7610, a lady sporting a mohawk and green eye makeup—because of the project’s historical significance. While initially given away by a couple of crypto pioneers in 2017, the pixelated face-pics are now selling anywhere from hundreds of thousands to millions of dollars. The project represents one of the earliest and most influential experiments involving NFTs, verifiably unique crypto tokens that make digital content—anything from artwork to virtual real estate to pictures of rocks—traceable and tradeable on a blockchain, the public ledger that underpins cryptocurrencies. The punk art has also spawned myriad copycats, including “bored apes,” “weird whales,” and “pudgy penguins.”

“Owning a punk is a signal. It signifies that you were either there early enough” to get one, Sheffield says, or that “you had enough conviction in the NFT ecosystem, and in the role they played, to be willing to spend” a lot of money to buy one.

— VisaNews August 24, 2021
While the acquisition may seem odd for a corporation, it isn’t so unusual. Many companies, including many major banks and Wall Street firms, like JPMorgan Chase, UBS, and Deutsche Bank, collect famous artworks and display them at their offices. Visa already has an archive of financial artifacts, including early paper credit cards and zip-zap “knuckle buster” machines for manual card-imprinting. And other companies have already begun experimenting with NFTs too, including Coca-Cola and Anheuser-Busch.

Crypto is just the latest technologic frontier for business—and Sheffield says he’s been having a blast getting in on the action. “In the past six months, I feel I’ve had the most fun I’ve had my entire career. I feel like I’m a kid again,” he tells Fortune.

Visa is making crypto inroads. The company sees lucrative opportunity in the tech behind cryptocurrencies like Bitcoin and Ethereum. Sheffield equates the commercial potential of NFTs to the rise of e-commerce enabled by the Internet. Visa could help mediate NFT interactions between merchants and customers, for instance.

While critics say NFTs are spurious, since digital content can be replicated for free online, proponents say the tech holds other appeal. Unlike physical goods, NFTs don’t suffer wear-and-tear, and anyone can trade them instantly and cheaply. “We think there are going to be millions of new merchants that emerge that are individuals, that are creators, that can reach this global audience. It’s just, it’s powerful,” Sheffield says. “That’s the world that is coming here.”

The CryptoPunk-purchase has been a learning experience for Visa too. When the company’s crypto wallet address became publicly known, people started sending it all sorts of strange NFT items, including cartoons of naked body parts. “You can’t prevent someone from sending you something. I think, in many ways, it’s kind of like spam email,” Sheffield says.

Companies are beginning to catch on that it pays to endorse play. The folks at upstart brokerage Robinhood understand the value of a good laugh. A quarter of the company’s second quarter revenue derived from trading…Dogecoin, a jokey, doggo-themed cryptocurrency. Heck, these past few weeks at Fortune—where we sold NFTs of our own for $1.3 million—have been among the most fun in my career, too.

Will more businesses soon crash the party? “As long as TradFi”—traditional finance, that is—”is anti-fun, they’re gonna have some trouble getting into crypto,” Sheffield says.

 255 total views

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Join www.truthbook.social our new social media platform backed by Independent Media. where you can speak the truth, and not be banned. Plus you'll receive $50 USD in www.truthcoin.social,the crypto currency backing the project, when you join, plus a lot more for sharing posts. www.truthbook.social

Truthbook.social offering hundreds of thousands in giveaways for those joining its new social media platform as many desert Facebook in droves because of censoring

Here is some of the current incentives being offered to new users

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

For ANR Smaller Donors please donate below to help fund our critical not for profit work. Together we can defeat mainstream media.

We are a not for profit Independent Media Company which survives off donations, even as little as $5 per month . Please donate now to help fund our work

Truthcoin Offer

$1000 USD turns into Now $7500 Truthcoin
$2,500 USD turns into Now $25,000 Truthcoin
$5000 USD turns into Now $65,000 Truthcoin
$10,000 USD turns into Now $150,000 Truthcoin
$15,000 USD turns into Now $250,000 Truthcoin
$50,000 USD turns into Now $1.15 Million Truthcoin
$100,000 USD turns into Now $2.5 Million Truthcoin

Leave a Reply

Your email address will not be published. Required fields are marked *

McIntyre Report
Political Talk Show

We are a not for profit Independent Media Company which survives off donations, even as little as $5 per month . Please donate now to help fund our work

Kylie Bartlett show

Craig Schulze Show

WHY WE NEED TO START SAYING NO TO GAIN OUR SELF RESPECT

Play Video

Raw Report

Ryan Jackson Saw show

Hero Nurse Exposes Government Policies Leading to Elder Abuse

ANR Conversations With Wayne Crouch and Lisa Johnston With Special Guest Simeon Boikov A.K.A the Aussie Cossack

Top 10 Crypto

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

Truthbook.Social

Currency Exchange Rates in AUD

Live and updated every minute of the day

Current Price of Bitcoin 2.0
0.19 on Coinsbit

Nurses Speak Out

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Enter email to receive ANR News articles, 2 free e-books, plus the Global Health Organisation Report

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY