Visa buys $150,000 NFT for some reason

NFTs are officially mainstream.

Visa announced Monday that it's "jumping in feet first" to the world of non-fungible tokens (NFTs) with the purchase of a CryptoPunk. The move is another sign of Visa's growing acceptance of all things crypto, and is sure to add hype to the already swollen NFT ecosystem.

Visa's NFT, CryptoPunk 7610, is part of a collection of 10,000 low-res images tied to digital tokens. According to CryptoPunks creator Larva Labs, as of the time of this writing, the NFT in question was last purchased for $149,939.

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Visa announced its latest acquisition on Twitter, and the reactions spanned from enthusiastic to deeply skeptical. Many NFT fans, meanwhile, saw Visa's purchase as a bullish sign and quickly swarmed the company's mentions to shill their own projects.

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The payment processor framed its foray into NFTs as a learning experience, and assured everyone that this is only the beginning.

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"We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce," Cuy Sheffield, Visa's head of cryptocurrency, explained in a press release.

We can't wait to see how NFT projects like 8-bit Tits and DOGSHIT NFTs reshape the digital economy.