Cuy Sheffield, who heads crypto at Visa said in a statement at the Singapore fin tech festival that with the availability of NFTs, a large number of investors have entered the cryptocurrency space. NFTs have helped in making crypto cool, where crypto was earlier seen as weird.
He added that NFTs have enabled the entry of many new users with varied interests. The new entrants are setting up a large number of crypto wallets.
Sheffield believes that the coming together of entertainment and NFTs will have a great impact in the crypto space. It will enable the development of a super app. The super app will help users explore content of interest to them, than it merely being a means for them to hold digital assets.
Sheffield drove Visa’s entry into the space and led Visa’s acquisition of CryptoPunk#7610 for 49.50 Ether. This move was motivated by Visa’s desire to gain an understanding of the requirements related to offering services for NFTs. Visa sees opportunities in the NFT space that it hopes to leverage especially in areas such as ticketing, music, etc.
The Singapore fin tech festival is run by the Singapore government and non-profit Eleandi. The festival is focused on Web 3.0 and includes participants from Visa, Mastercard, chainlink, Microsoft, Tencent, etc.
The monetary authority of Singapore’s Managing Director speaking at the festival said that web 3.0 was being enabled by IP and real-world objects. Once converted to NFTs, the assets could be transferred and traded freely. Such a provision is expected to give a boost to newer economic opportunities and increase financial inclusion.