Visa Cryptocurrency

NFTs Brought a Whole New Class of Consumers into The Crypto Space, Says Visa Executive

NFTs Brought a Whole New Class of Consumers into The Crypto Space, Says Visa Executive
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Cuy Sheffield, Head of Crypto at Visa, believes that non-fungible tokens have opened the doors for people interested in music, art, culture and sports to enter the cryptocurrency market. In addition, meme coins such as Dogecoin and Shiba Inu have attracted the attention of the community and brought more participants into the digital asset space.

NFTs sparked the popularity of the crypto industry

During a recent group discussion at the Singapore Fintech Festival, Coy Sheffield, a senior Visa executive and head of the company’s crypto division, said that non-fungible tokens have attracted new people into the cryptocurrency bandwagon.

Prior to NFTs, the digital asset space was mainly attractive to individuals interested in finance and gold, while fans of music, culture, sports and art were also interested in the asset class, he said.

“Crypto has become cultural, it has become cool. It used to be that if you invested in cryptocurrencies, I was kind of weird.”

Another factor that has increased the global popularity of cryptocurrencies is the emergence of meme currencies such as Dogecoin (DOGE) and Shiba Inu (SHIB). This is what Yusho Liu – co-founder of crypto exchange Coinhako – claimed during the same discussion session.

Kevin Lim, director of Singapore investment firm Temasek, said the “huge demand” for those tokens was primarily driven by people’s will to speculate and earn “meaningful money.”

Speculative or not, Shiba Inu has been the best performer in the cryptocurrency market this year. Recently, giant movie theater chain AMC Theaters revealed that it might add the popular meme coin to the list of digital asset payment options after Adam Aron, the company’s CEO, conducted a poll on Twitter about whether the move should be taken. 81.4% of respondents answered: “Yes, Shiba Inu definitely.”

NFTs for all kinds of fans

This year, the NFT craze has crossed the roof as many celebrities, musicians, actors, and sports clubs have joined the trend by launching their digital collections.

15-time Grammy Award-winning Marshall Bruce Mathers III – better known as Eminem – has partnered with Nifty Gateway to release a digital compilation dubbed Shady Con.

Movie fans also had the chance to join the craze for non-fungible tokens. Recently, one of the greatest film directors of all time – Quentin Tarantino – released a digital set of seven “secret NFTs” featuring Pulp Fiction’s uncut scenes.

The American entertainment company, known primarily for professional wrestling – WWE – has gone even further by creating an eco-friendly NFT market. There, the organization promised to capture symbolic moments from major events such as Wrestlemania and SummerSlam.

After that, many football clubs issued non-fungible token sets to their fans. A recent example is FC Barcelona, ​​which decided to portray notable events from its history, such as displaying the record 75 cups won in Spain and 5 titles in the Champions League.

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