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Visa Executive Says Crypto Is ‘Becoming Cool’ — Sees Whole New Class of Mainstream Consumers Entering the Space – News Bitcoin News

Visa Executive Says Crypto Is 'Becoming Cool' — New Class of Mainstream Consumers Entering the Space
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The head of Visa’s crypto division sees a “whole new class” of ordinary consumers entering the crypto space due to non-fungible tokens (NFTs). Executive andHe further says, “Cryptography has become cultural. It has become cool.”

Visa CEO: “Cryptography is getting cultural, it’s getting cool’

Cuy Sheffield, Head of Cryptography at Visa, spoke about cryptocurrency during a panel discussion earlier this week at the Singapore Fintech Festival.

He explained that a “whole new class” of ordinary consumers is entering the crypto space due to non-fungible tokens (NFTs). The Visa executive added that people interested in art, music or culture are “creating crypto wallets in waves,” noting that they are excited about creating their own NFT and supporting other creators.

Before the NFT boom, Sheffield said that crypto assets mainly attracted people interested in gold and finance. “It used to be that if you were investing in cryptocurrency, I was kind of weird,” he said, explaining:

Cryptography has become cultural. It has become wonderful.

The Visa executive further explained that people are now using cryptocurrency wallets for more reasons than they used to. Previously, cryptocurrency wallets were mainly used to store cryptocurrencies. Now people are using it to discover new music, he described it, adding that they are increasingly becoming a “super app” that impacts consumers’ lives.

In August, Sheffield was asked if he thought NFTs would become mainstream. He replied, “Only time will tell.” “What is certain is that curiosity, an open mind, and active experimentation are the best approach when new technologies and use cases emerge on the scene.” he added:

We believe NFTs will play an important role in the future of retail, social media, entertainment and commerce.

Visa has been supportive of NFTs. The company launched the NFT program to support digital artists in October. In August, Visa purchased NFT from Cryptopunk Group for $165,000 in ether. Sheffield said at the time: “To recognize the role Cryptopunks has played as a historic NFT project, bridging the bridges between culture and commerce, Visa has decided to purchase Cryptopunk 7610,” Sheffield said at the time.

What do you think of the Visa CEO’s comments? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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