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The head of encryption at Visa believes that “a whole new category” of mainstream consumers are entering the encryption field due to non-fungible tokens (NFT).Chief ExecutiveUrther said: “Cryptocurrency is becoming cultural. It’s becoming cool.”
Visa executives: “Encryption is becoming cultural and becoming cool”
Cuy Sheffield, Visa’s head of cryptocurrency, talked about cryptocurrencies in a panel discussion at the Singapore Fintech Festival earlier this week.
he explain Due to non-fungible tokens (NFT), a “new category” of mainstream consumers is entering the crypto space. Visa executives added that people interested in art, music, or culture are “building crypto wallets in waves,” noting that they are happy to create their own NFTs and support other creators.
Before the NFT boom, Sheffield said that crypto assets mainly attract people interested in gold and finance. “In the past, if you invested in cryptocurrencies, you would be a little weird,” he thought, and elaborated:
Encryption is becoming cultural.Got cold
Visa executives further explained that people now use crypto wallets for more reasons than in the past. In the past, crypto wallets were mainly used to store cryptocurrencies. He described that people are now using them to discover new music, adding that they are increasingly becoming “super apps” that affect consumers’ lives.
In August, Sheffield was asked if he thinks NFT will become mainstream. “Only time will prove everything,” he replied. “It is certain that when new technologies and use cases appear, curiosity, open mind and positive experimentation are the best methods.” He added:
We believe that NFT will play an important role in the future of retail, social media, entertainment and commerce.
Visa has always been a supporter of NFT.company roll out Support the NFT plan of digital artists in October. August, visa Buy NFT from the Cryptopunk collection, ETH worth 165,000 USD. Sheffield stated at the time: “In order to recognize the role of Cryptopunks as a historic NFT project, connecting culture and business, Visa decided to purchase Cryptopunk 7610.
What do you think of the comments made by Visa executives? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
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