For a long time, the cryptocurrency sector was more of a niche area for computer geeks and financial experts. That changed soon enough with the rise of easy-to-use cryptocurrency exchanges running on popular platforms like Android and IoS. With the widespread use of crypto exchanges, more and more people started investing in crypto without getting into the technical complications. The next breakthrough product was the recently launched Bitcoin ETF, which pulled in institutional and retail investors alike. It made it possible for people to reap the benefits of crypto without getting involved in direct buying and selling.
Cuy Sheffield is Visa’s head of crypto, and he recently pointed out another product/digital asset that is drawing in a ‘new class’ of users. The technology in question is that of NFTs. Non-fungible tokens (NFT) are helping to increase the reach of cryptocurrency to a different set of users. NFTs have added a socio-cultural angle to cryptocurrency, and now people interested in art and culture are increasingly signing up for cryptocurrency wallets. While the only use of crypto pertained to investing in the past, it now has a different set of use cases.
In many ways, it marks an important transition for digital currency. As with fiat currency, digital currency is becoming an instrument for cultural dissemination and preservation through NFTs. In such a situation, NFTs have the potential to become the biggest attractor in the crypto world. Cuy Sheffield referred to this phenomenon recently as said that a ‘whole new class’ of users are coming to crypto solely through NFTs