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Thanks to NFTs, crypto has gone from ‘strange’ to ‘cool’, according to a Visa executive


Cuy Sheffield, Visa’s head of crypto, claimed that buying cryptocurrency has become a lot cooler. As a result of an infusion of young artists attracted by the expanding nonfungible token (NFT) sector. And that common consumers are opening “crypto wallets in waves” to participate in the NFT sector.

Cuy Sheffield is an outspoken NFT supporter who led the company’s purchase of CryptoPunk #7610. Which is a female figure with a mohawk, clown green eyes, and lipstick — for 49.50 Ether (ETH) in August.

Crypto is becoming cultural, it’s becoming cool”

Sheffield gave a keynote speech on the first day of the Singapore FinTech Festival on Monday. He claims that a “whole new class” of consumers is migrating to crypto, and that NFTs are bringing people from all walks of life who are “setting up crypto wallets in waves,” including music, art, and culture.

“Crypto is becoming cultural, it’s becoming cool, It used to be that if you were investing in crypto, you were kind of weird”, Sheffield said.

Sheffield thinks that by combining the entertainment and NFT industries, crypto wallets may become a “mega app” where consumers can explore fresh content relating to their hobbies rather than just a place to store digital assets.

Visa executive said at the time that the decision was made to “get first-hand experience of the infrastructure needs for a worldwide brand to purchase, store, and exploit an NFT”. He also mentioned that the company was considering delivering NFT-related services.
“The capacity to track and exploit a digital asset across different locations could open up fascinating new possibilities in tickets, gaming, music, art, and beyond,” he said.

An event for Web 3.0 technology’s future prospects

The Monetary Authority of Singapore (MAS) and charity organisation Eleandi are hosting the annual event.
Visa, Mastercard, Chainlink, Celo AMTD Group, Microsoft, Ant Group. As well as Tencent are among the major attendees at this year’s event. Which is focused on the prospects of Web 3.0 technology.
The event also featured a keynote by Ravi Menon, managing director of MAS. Who stated that smart contracts and the tokenization of real-world things. In addition to intellectual property are “essential facilitators” of the new Web 3.0 model.

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