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Crypto has gone from ‘weird’ to ‘cool’ thanks to NFTs says Visa executive

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Visa’s head of crypto Cuy Sheffield mentioned that investing in cryptocurrency has change into loads cooler thanks to an inflow of artistic sorts drawn in by the booming NFT sector.

Sheffield was talking on day one of many Singapore Fintech Pageant on Nov. 8. He mentioned {that a} “entire new class” of mainstream customers are flocking to crypto and that NFTs ar attracting folks with a broad vary of pursuits reminiscent of music, art and culture who’re “establishing crypto wallets in waves.”

“Crypto is changing into cultural, it’s changing into cool,” Sheffield mentioned, and added that:

“It used to be that should you had been investing in crypto, you had been type of bizarre.”

Sheffield believes that mixing the leisure sectors with NFT tech may see crypto wallets change into a type of “tremendous app” the place customers can uncover new content material associated to their pursuits as opposed to merely a means to maintain digital property.

Visa’s head of crypto is a self-proclaimed NFT-enthusiast and spearheaded the agency’s transfer to snap up CryptoPunk 7610 — a feminine determine with a mohawk, clown inexperienced eyes and lipstick — for 49.50 Ether (ETH) in August.

Sheffield said on the time that the transfer was a part of a push to “achieve first-hand understanding of the infrastructure necessities for a world model to buy, retailer, and leverage an NFT.” He additionally hinted that the agency was taking a look at providing companies tied to NFTs.

“The flexibility to observe and leverage a digital asset in a number of environments may imply thrilling new alternatives in ticketing, gaming music, artwork, and past,” he mentioned.

Associated: Nifty News: CryptoDragons NFTs gone in seconds and a Counterparty collectable sold for $500K

The annual occasion, which runs till Nov.12, is organized by the Monetary Authority of Singapore (MAS) and non-profit group Eleandi. This yr’s occasion is concentrated on the prospects of Web 3.0 tech and options notable friends together with Visa, Mastercard, Chainlink, Celo AMTD Group, Microsoft, Ant Group and Tencent.

Ravi Menon the Managing Director of MAS additionally gave a speech on the occasion stating that smart contracts and the tokenization of actual world objects and mental property are the “key enablers” of the brand new Net 3.0 paradigm.

Menon emphasised the importance of the tech in relation to commodities reminiscent of actual property and intangible property reminiscent of patents, together with digital music and artwork:

“As soon as tokenized, rights and possession of those property could possibly be transferred seamlessly, bettering liquidity and effectivity. This has the potential to considerably improve financial alternative and inclusion.”