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Visa buys a CryptoPunk NFT for $150k

Visa, a payment processor, has bought CryptoPunk 7610 for $150k, effectively endorsing NFTs--one of the main ETH price drivers in the recent past.

It is the first time Visa is foraying into the world of NFTs and metaverses, a growing subsector that's projected to command billions soon. According to a Visa official, NFTs are an ‘intersection between culture and commerce.’

Initially, there were 10k CryptoPunks minted by Larva Labs and distributed for free to users in 2017. However, few of these unique, pixelated punks are available for sale. And for those being auctioned, they are sold for hundreds of thousands of dollars, sometimes even millions. Visa acquired one of the 3,840 limited-edition female CryptoPunks.

Most importantly, all NFTs in Ethereum must be purchased in ETH. This only means Visa could have a stash of ETH in their possession—or through a custodian, a move that could further spark demand of the second most valuable digital asset.

According to analysts, Ethereum is undervalued and would in the near future breeze past immediate and intermediate resistance levels at $3.5k and $4.4k—its all-time highs—to $10k.

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