The NFT (non-fungible token) market witnessed the registration of about $2.5 billion related to sales in 2021’s first half. Firms like Visa are persistently progressing in this field of the crypto industry. Visa’s entrance into the market of NFT was backed by an assessment of the deep-seated technology along with its potential to be a guaranteed medium providing fan engagement, as stated by the latest whitepaper released by the widely known company.
The publication, which was done on the 23rd of August, described the vital importance of the NFT by categorizing it as a crucial innovation in the pandemic session when a limitation has been imposed over live music festivals, entertainment, and sports. In the meantime, non-fungible tokens are turning up at a point when the fans are passionately being connected with the digital societies based on their favourite sports teams or artists. Professional sports were disturbed severely by the blow of the pandemic as all the prominent leagues lost an estimated revenue amount of more than $18 billion across the globe.
As per Visa, this situation is further triggering the requirement for the diversification of the revenue by directing the focus towards the technology to transform the businesses and make their inclination towards adopting the advancement opportunities and subsequently capturing the fans’ attention. That is how the NFT world lures talent, leagues, teams, fans, and collectors. Specifically, NFTs have the potential to become the dominant means for constructing connectivity with the consumers and the latest tides of revenue. The main utilities of the NFT are gaming, collectibles, and art.
The whitepaper’s release was informed as simultaneous to a declaration saying that Visa had bought its earliest NFT named CryptoPunk 7610 in return for up to $150,000. CryptoPunks is a store of 10,000 distinct NFTs under the Ethereum network, which also gives a proof-of-ownership to its users. Visa’s entrance into the NFT world is not to be underestimated as the organization has stepped much forward in taking an interest in virtual assets. Recently, it was reported that the company has signed a contract with Zipmex (another platform dealing with digital crypto assets).
The purpose of the agreement was to deliver an improved mechanism for the integration of crypto payments across the Asia-Pacific zone. In January, the firm repeated its commitment to strengthening crypto and fiat payment by supporting the virtual asset class.