Visa jumps into the NFT craze, buying a ‘CryptoPunk’ for $150,000

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Visa is the latest major company jumping into the NFT craze.The payments processor said Monday it bought a "CryptoPunk," one of thousands of NFT-based digital avatars, for nearly $150,000 in ethereum.An NFT — which stands for non-fungible token — is a unique digital asset designed to represent ownership of a virtual item. Unlike bitcoin and other cryptocurrencies, NFTs can't be exchanged like-for-like with another NFTs.Proponents say this makes NFTs scarce, driving up their value. NFTs have often been compared to physical collectible items like rare trading cards and works of art.CryptoPunks — one of the most popular non-fungible tokens — displayed in Times Square on May 12, 2021.Alexi Rosenfeld | Getty Images"We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce," Cuy Sheffield, head of crypto at Visa, said in a blogpost Monday."To help our clients and partners participate, we need a firsthand understanding of the
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