While investing in cryptocurrencies may seem unsafe and hugely risky by some investors, Cuy Sheffield, Head of Cryptocurrency at Visa, said that is no longer the case.
Speaking at the Singapore Fintech Festival, Sheffield stated that a “completely new investor class” has arrived in the cryptocurrency market due to the evolving NFT world.
The Visa executive went on to say that before NFTs became popular, the cryptocurrency market was attractive only to individuals interested in finance.
“NFTs attract people from various fields such as music, arts and culture. People are creating crypto wallets in waves.”
Cuy Sheffield says those who used to invest in cryptocurrencies were considered strange “Now that the situation has changed, the crypto market has become cultural. It’s getting cooler and cooler” said.
The crypto executive said that as a result of the combination of the entertainment industry and NFT technology, he believes that crypto money wallets, which function to store digital assets, can now turn into an application where people can discover new content.
Cuy Sheffield, who also describes himself as an NFT enthusiast, stated that he spearheaded Visa’s acquisition of “CryptoPunk 7610” in August.
This year, many actors, musicians, sports clubs and entertainment companies joined the NFT craze and launched their own digital collections. Finally, FC Barcelona, which has won 75 cups and 5 UEFA Champions League titles in its 122-year history, announced that it will publish its own digital collection to showcase its football adventure.