Visa top manager: “NFT made the cryptocurrency industry much more interesting”

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Cuy Sheffield, head of cryptocurrency projects for the Visa payment network, believes that the popularity of collectible tokens has made the cryptocurrency industry more interesting for new users.

During the Fintech Festival in Singapore, Sheffield announced that thanks to the NFT, a “new class” of users is entering the cryptocurrency industry. Collectible tokens attract creative people – musicians, artists and artists. Their fans are “registering cryptocurrency wallets in waves.”

“The cryptocurrency industry is becoming a cultural phenomenon, it is becoming attractive. Previously, if you invested in cryptocurrency, then you were considered a little strange, ”said a top manager at Visa.

Sheffield also expects cryptocurrency wallets to transform into more than just asset storage programs. They will become “super-applications” through which users can access content that suits their interests.

Managing Director of the Monetary Authority of Singapore (MAS) Ravi Menon also supported the colleague. He noted that smart contracts and real-world object tokenization are becoming “key features” of the Web 3.0 paradigm.

“Once tokenized, ownership rights can be transferred very simply and quickly, increasing liquidity and trading efficiency. In the future, this can significantly improve the availability of various assets for people and provide new opportunities for the economy, ”says Menon.

As a reminder, Visa bought the CryptoPunk collectible token in August. The move was made to “understand the infrastructure requirements for a global brand to buy, store and use NFTs,” Sheffield said. In October, Visa launched a new social project to help NFT creators.

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