In a very eye-catching move, VISA enters the Metaverse with the first non-fungible token(NFT) purchase, CryptoPunk 7610. The payment technology owned the NFT with a whooping cost of $150,000 last week.
CryptoPuncks are among the original NFT’s rolled out by Larva labs in 2017. Each CryptoPunk has its own personality and unique combination of features. The NFT 7610 is among 3840 female punks, which are a collection of 10,000-pixel art images of misfits and eccentrics.
As the NFT’s are built on the Ethereum blockchain, the artwork also needs to be redeemed using ETH. The CryptoPunk 7610 was bought for nearly 49.5 ETH. And hence can this be interpreted that VISA owns Ethereum too? Not necessary.
According to some reports, VISA did not actually own ETH but a newly licenced bank, Anchorage laid a helping hand. And hence it became the first known bank in the US to custody the digital assets.
Ethereum Is The Property Rights System Of The Metaverse
Metaverse is basically a virtual shared space originates by combining virtually enhanced physical reality, augmented reality and the internet. While metaverse is growing immensely in the world of mobile gaming. The companies like Decentraland and The Sand Box have developed their virtual worlds.
Well-known company Facebook plans to launch its own crypto Diem previously called Libra, which may also expand to build a metaverse. But the Ethereum founder Vitalik Buterin said Facebook should build on the existing platforms instead of the metaverse. And moreover, the founder also hopes Metaverse will be running on Ethereum in the next 10 years.
One of the crypto investors and Ethereum proponents also believes Ethereum is the property rights system of Metaverse. Collectively, VISA has gone a step ahead to add an NFT to its collection. And hence if many big institutions follow VISA, NFT space also could get a bigger boost.