Over 300 CryptoPunks were bought soon after Visa made an announcement that it had purchased one too. The payment giant bought the NFT ‘CryptoPunks’ #7610 for 49.5 ETHs, valuing at $150,000, on the 23rd of this month.
Visa’s participation in the hype around NFTs contributed to a surge in demand and more than 90 CryptoPunks were sold within an hour of the announcement. The total amount of sales were worth $20 million.
At the time of writing, over 300 CryptoPunks were sold after the announcement, valued at $86.5 million. According to data provider CryptoSlam, its trade volume skyrocketed from 39 on Sunday to 331 today.
Also, the cheapest CryptoPunk at the time stood at 66.6 ETHs, according to a price tracker by Larva Labs, the maker of CryptoPunks NFTs.
Visa announced on a Twitter and blog post that it had bought a CryptoPunk NFT, one of 3,840 female punks, for 49.5 ETH. Visa does not handle cryptocurrencies on its platform and the sale was made through cryptocurrency custody bank Anchorage on the 18th.
The background and purpose of the purchase were explained by Cuy Sheffield, head of the crypto division at Visa. She noted:
“We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce. To help our clients and partners participate, we need a firsthand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT.
We also wanted to signal our support for the creators, collectors, and artists driving the future of NFT-commerce.”
Regarding the cultural background around NFTs, Sheffield added:
“Lastly, we wanted to collect an NFT that symbolizes the excitement and opportunity of this particular cultural moment. We’re a company steeped in the history of commerce and payments — but with our eyes on the future. With our CryptoPunk purchase, we’re jumping in feet first. This is just the beginning of our work in this space.”