Visa’s head of crypto sees a “whole new class” of mainstream consumers entering the crypto space due to non-fungible tokens (NFTs). Executive further says: “Crypto is becoming cultural. It’s becoming cool.”
Visa’s Executive: ‘Crypto Is Becoming Cultural, It’s Becoming Cool’
Cuy Sheffield, Visa’s head of crypto, talked about cryptocurrency during a panel discussion early this week at the Singapore Fintech Festival.
He explained that a “whole new class” of mainstream consumers are entering the crypto space because of non-fungible tokens (NFTs). The Visa executive added that people who are interested in art, music, or culture are “setting up crypto wallets in waves,” noting that they are excited to create their own NFTs and support other creators.
Sheffield stated that crypto assets were primarily attracted to people interested in finance and gold before the NFT boom. “It used to be that if you were investing in crypto, you were kind of weird,” he opined, elaborating:
Cryptocurrency is now cultural. It’s becoming cool.
Further, the Visa executive explained that crypto wallets are being used for many more purposes than before. Crypto wallets had been used for cryptocurrency storage. Now people are using them to discover new music, he described, adding that they are increasingly becoming more of a “super app” that influences consumers’ life.
Sheffield was asked in August if he believed NFTs would become mainstream. “Only time will tell,” he replied. “What’s certain is that curiosity, an open mind, and active experimentation are the best approach when new technologies and use cases come on the scene.” He added:
NFTs, we believe, will be a significant part of the future for commerce, social media and entertainment.
Visa is a strong supporter for NFTs. In October, the company created an NFT program that would support digital artists. Visa bought an NFT in August from Cryptopunk for $165K in Ethereum. “To recognize the role that Cryptopunks have played as an historic NFT project, bridging culture and commerce, Visa has decided to purchase Cryptopunk 7610, Sheffield said at the time.
What do you think about the Visa executive’s comments? Comment below.
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