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Visa released its anticipated non-fungible token (NFT) whitepaper, which praises the digital assets as a “promising medium” and continues its crypto positivity.
The financial services giant recently released its overview on the NFT industry in a whitepaper. The write-up of non-fungible tokens praised the digital assets and provided an outline of the technology.
NFTs, a promising medium
After it describes the pandemic’s impact on various commercial sectors, Visa called NFTs a “promising medium for fan engagement.” The document reiterates the desire for digital communities and how NFTs fill that gap.
“NFTs appeal to collectors, fans, teams, leagues, and talent, amongst others,” the document reads. “They have become a great way for individuals and businesses to capitalize on unique assets, engage fans, and potentially generate revenue while staying ahead of the curve and keeping pace with innovations in commerce.”
The document breaks down the ways in which NFTs can be engaged, referring to CryptoKitties and CryptoPunks, digital art, and games. Visa even recommended blockchains for NFT development, mentioning both Ethereum and the Flow blockchains.
Overall the document provides Visa clients with little knowledge of NFTs an overall introduction to the company’s new ventures. The company closes out the whitepaper by reiterating a crypto-forward stance. “Commerce is evolving, and innovations such as crypto and NFTs are likely to shape sports, entertainment, and other communities going forward.”
Crypto cheerleader
This whitepaper comes hot on the heels of Visa’s monumental NFT purchase. Last week, the company purchased its first NFT for $150,000 — a famed CryptoPunk collectible.
However, throughout the past year, the financial services provider increased its footprint in the space. Visa’s crypto products have skyrocketed in popularity. The Visa crypto-linked card surpassed $1 billion in usage in 2021 and it released its first crypto-rewards system in a partnership with BlockFi.
This bullish stance on the crypto community doesn’t seem like it’s a fad in the company’s strategy. To close out the whitepaper, Visa also reiterated this commitment, saying, “Visa strives to enable connections to new crypto and blockchain networks offering greater choice, and enabling access, working to create a future where everyone has the opportunity to thrive.”