Visa buys an NFT-based ‘CryptoPunk’ avatar for $150,000

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Visa is getting in on the NFT hype.

James Martin/CNET

Visa is with its purchase of , nft an NFT-based digital avatar, the payments company said Monday. CNBC reported that Visa paid  in . 

Ethereum is a cryptocurrency that made its, but they became hugely popular in February.

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“We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce,” Cuy Sheffield, Visa’s head of crypto, said in a blog post. “To help our clients and partners participate, we need a firsthand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT.”

Sheffield added, “With our CryptoPunk purchase, we’re jumping in feet first. This is just the beginning of our work in this space.”

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