Visa head of crypto Cuy Sheffield has argued in a recent statement that “a whole new class” of consumers is now breaking into the crypto space, mostly thanks to non-fungible tokens (NFTs).
NFTs are digital deeds of ownership that have been popularized by artists and athletes such as Snoop Dogg and Tom Brady.
They have been adopted rapidly across the board by esports, play-to-earn games, and even Elon Musk’s former girlfriend, Grimes.
According to Sheffield, people who are interested in music, culture or art are now setting up their crypto wallets “in waves” to be able to host the latest NFTs. Everyone is getting in on the NFT game as well, including Disney, Reddit and Red Bull.
NFTs don’t necessarily provide that much value, but they are there to support a creator. Instead of contributing to Patreon, you may now have a badge of honor that you have donated that has significance on the internet, Sheffield ruminated.
“Crypto is becoming cultural, it’s becoming cool”, the executive said. In the past, investing in crypto would make you “weird”, but no more he said. That has brought significant changes to the crypto wallet as a tool as well.
In the past, it was a place to store your crypto. Today, it’s a social battleground where people discover music, store their digital assets, and build a community similar to any social media.
NFTs aren’t just a fad it seems, as they prove resilience to changes in valuation. Even though their value was disproportionately high at the start, there seems to have been price correction that has allowed ordinary people to get in on the NFT game.
Sheffield was backed by Coinhako co-founder Yusho Liu who attended the same Singapore Fintech Festival panel. According to Liu, there has been a significant uptick in people coming to the exchange to purchase NFTs, demonstrating their staying power in mainstream culture.