It looks like the NFT Buzz is still on, according to the visa head Cuy Sheffield as many users are getting crypto wallets for their NFTs.
Currently, the trend of investing in NFT and crypto, in general, has moved from weird to cool as more people are being drawn into the sector.
As Sheffield was participating in the Singapore FinTech Festival on Monday, he noted a new class of mainstream users moving into crypto and NFTs in waves, as NFTs are being customized to attract different people, especially those in the music and entertainment sector.
According to him, crypto is moving to become a cultural thing. Unlike in the past when investing in crypto was weird, it is currently regarded as a new cool. Users in the entertainment sector believe NFT has revolutionized the industry, and they have many new applications for their content as opposed to in the past. NFT has changed the way artists and creators can hold onto their creations. Artists can tokenize their creation into a form of digital asset and use it in different ways.
The Visa’s head of crypto is an NFT enthusiast and has geared the moving up of CryptoPunk #7610 for 49.50 Ether in August. According to Sheffield, the firm has a specific interest in NFTs as it understands the requirements and wants to have a hand in the sector. He also gave a hint that the firm is looking to provide NFT-related services.
With NFT, it is possible to track and leverage a digital asset in different environments, which means exciting new opportunities in art, music, gaming, ticketing, etc.
The Singapore annual event, which ends on Friday, was organized by the Monetary Authority of Singapore (MAS). The event this year is specifically focused on the web 3.0 Tech and has many important guests in the sector from Visa, MasterCard, Chainlink, Microsoft, Tencent, and Ant Group, etc.
According to the managing director of MAS, Ravi Menon, the web 3.0 paradigm will be fueled by smart contracts and tokenization of real-world objects and intellectual property.
He emphasized the significance of tech in commodities such as real estate, intangible assets such as copyrights in addition to music and arts.
When the different aspects of the entertainment scene, such as music, are tokenized, they can easily be transferred, which improves liquidity and efficiency.
NFT and the crypto, in general, is a great way of enhancing economic opportunity and inclusion.
Image by Pinguino K from Flickr.
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