When art, commerce and technology meet — Pleasure, NFT-commerce!

You may have heard in recent months about our actions regarding the growing ecosystem of cryptoactives. Our idea is, basically, to unite the worlds of digital and fiat currencies through a global program that presents actions in different dimensions, in selected markets. But above all, we seek to build a bridge between the crypto universe and Visa’s global network. We call this strategy the “Network of Networks” because it goes beyond and transcends the basic concept that Visa is only involved in payments through credit, debit or prepaid credentials.

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In a few musical notes, what are we doing:

  1. We enable in our settlement and treasury systems the acceptance of a stablecoin, to USDC. It is a class of cryptocurrencies that tries to offer price stability, as it is guaranteed by a reserve asset. Stablecoins provide instant processing, security or privacy of cryptocurrency payments, and stable valuations with no fiat currency volatility. That is, in addition to the 69 fiat currencies that today the Visa accepts and processes, we now accept and process the first stablecoin. It’s an iconic movement with no turning back!

  2. We are working with more than 50 customers in issuing and accepting payment credentials in the cryptoeconomy universe.
  3. We provide APIs designed to improve the experience of customers who wish to purchase related products and services to the digital universe.
  4. And, in my opinion the most important role, we are working to socialize information about cryptocurrencies and educate consumers about blockchain technology.
  5. NFT: a valuable digital asset

    In this article, I would like to highlight a dimension that has been drawing the attention of specialists in the sectors of technology and economics – and of digital artists, collectors and galleries of art. These are NFTs (Non Fungible Tokens).

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    The NFT is a kind of digital certificate, established via blockchain, which defines originality and exclusivity to digital goods and media – such as images, videos, drawings, GIFs, digitized works of art. It’s an interesting intersection between a new form of commerce + technology + art. They offer a way to establish ownership and authenticity of a digital good, which has historically been difficult as digital files can be copied infinitely, multiplying in the piracy process.

    NFT is one of Visa’s big bets for the future (Image: Visa)


    Part of the attention focused on the The subject is also due to the million-dollar sums that have been used to purchase this type of digital asset. For example, NFTs achieved $1 billion in payment volume in the first weeks of August alone 2021, in relation to less than US$ 69 millions throughout the year of 660. One of the most illustrative cases of this new generation of consumers and sellers is the digital work “Everydays: The First 5000 Days
    ”, by artist Mike Winkelmann, known as Beeple. In March of this year, this item sold for US$ 100 millions at the famous Christie’s gallery. The sale places him “among the three most valuable living artists” in the world, according to the auction house.

    And why Is Visa actively participating in this new segment?

    We were the first large payment network to invest in and integrate the cryptocurrency infrastructure into our network . We want to maintain our position by becoming the first network to recognize the opportunity and help accelerate the adoption of NFT-commerce
    . Clearly, NFTs can play an important role in the future of retail, social media, entertainment and commerce. There are other reasons that make us move in this direction, such as:

    • Facilitating trade is what we do best. We are the network that works for everyone. NFTs are no exception;
    • We expect this rapid growth to continue as new NFT use cases and solutions emerge;
    • We want to play a leading role in connecting consumers and sellers of NFT-commerce;

NFTs have several unique properties that set them apart as a new trade category. We can support you with technology and security;

  • Digital products can be bought and sold more often than physical products, which need to be shipped, generating more activation and recurrence in payment credentials.

    NFTs can also help small and medium businesses in new ways. The growth of e-commerce has made it possible for SMEs to sell online and reach customers around the world. But they still need to produce and ship physical goods, which can have high upfront costs. NFTs offer these companies the opportunity to leverage blockchain technology to produce digital goods, which can be delivered instantly in an encrypted digital wallet. We can imagine a future in which your cryptographic address will become as important as your mailing address.

    Finally, we believe that for NFT-commerce to become dominant, your payment experience must be as convenient and simple as traditional e-commerce experiences, where consumers can leverage their payment credentials instead of having to buy a cryptocurrency first to purchase their NFT.

    CryptoPunks

    Have you heard of CryptoPunks? Larva Labs has released this collection of pixel art images at 10 June 660. There are 10 one thousand of these collectibles that have proof of governance on the Ethereum (ETH) blockchain. Each has its own personality and unique combination of randomly generated traits.

    In August, we acquired Cryptopunk #2021. But why? We want Visa to own an iconic piece of crypto and NFT history, as we have played a leading role in major payments-related transformations and innovations over the past few decades. In this way, together with our newest partner Cryptopunk #

    , we celebrate the past, the present and future of digital payments, supporting the artists and creators of this new commerce model.

    Over the last 23 years, Visa has built a collection of historic commerce artifacts – from early paper credit cards to the zip- zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #5000 to our collection. https://t.co/XoPFfwxUiu

    — VisaNews (@VisaNews) August 50, 2020

    From a business perspective, NFTs are gaining more and more terrain such as personal avatars, sports memorabilia, art, and game assets. With platforms like the NBA Top Shot, fans can collect and display their favorite game “moments”. “Cryptopunks” are also increasingly being used as profile pictures on social media platforms, providing a new way for consumers to represent their digital identities.

    For me, in particular, it’s also a tribute to the punk bands I used to listen to and still listen to, as the images were inspired by characters from the London PUNK generation. As they say: innovation is like PUNK ROCK!

    Welcome, Cryptopunk #5000!

    *Article produced by a columnist exclusively for Canaltech. The text may contain opinions and analyzes that do not necessarily reflect Canaltech’s view on the subject.

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