Sat. Nov 27th, 2021

The rise of cryptopunks and NFTs

The rise of cryptopunks and NFTs – Video

Visa is getting in on the NFT craze that sparked the sale of dozens of cryptopunks. Jarrod Dicker, The Chernin Group, joins Fast Money to discuss. With CNBC’s Melissa Lee and the Fast Money traders, Guy Adami, Dan Nathan, Tim Seymour and Brian Kelly. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Visa is the latest major company jumping into the NFT craze.

The payments processor said Monday it bought a “CryptoPunk,” one of thousands of NFT-based digital avatars, for nearly $150,000 in ethereum.

An NFT — which stands for non-fungible token — is a unique digital asset designed to represent ownership of a virtual item. Unlike bitcoin and other cryptocurrencies, NFTs can’t be exchanged like-for-like with another NFTs.

Proponents say this makes NFTs scarce, driving up their value. NFTs have often been compared to physical collectible items like rare trading cards and works of art.

“We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce,” Cuy Sheffield, head of crypto at Visa, said in a blogpost Monday.

“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 said CryptoPunks have become a “cultural icon for the crypto community.”

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

Anchorage, a federally-chartered digital asset bank, facilitated the purchase, Visa said.

Big firms join NFT craze

Several big firms have been experimenting with NFTs lately.

Christie’s has auctioned off several NFTs, some worth millions of dollars. The auction house set records in March when an image created by the digital artist Beeple sold for $69 million.

Meanwhile, a number of media publications, including CNN, The New York Times and Fortune magazine, have sold NFTs of their own.

But some critics are skeptical of NFTs. While such tokens represent a digital certificate of ownership, buyers don’t own the underlying item, and internet users can still view the associated media online. Some people have even stolen other artists’ work and gone on to sell them as NFTs.

“The purchaser of Beeple’s $69 million NFT artwork, ‘Everydays – The First 5000 Days’, owns the unique token,” Adam Rendle, partner at law firm Taylor Wessing, said in a blogpost.

“They do not, however, own copyright or any other intellectual property rights in the digital artwork itself. They cannot distribute or otherwise commercialise the represented asset.”

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The rise of cryptopunks and NFTs – Youtube

Crypto

24 thoughts on “The rise of cryptopunks and NFTs”
  1. Great video mate, Everyone be talking about bitcoin but do not know how to go about it. I get the best signals from John Neil Andew. have never seen a signal that is so correct and as long as I can remember we have always had success story. His teachings are the best. His link in in my bio

  2. Hello, I discovered a very unique and profitable way to make money via NFT, expert trader Douglas Horvath has been helpful to myself, colleagues and family… Trading has never been made easy

  3. <Awesome post I must say. Crypto is moving
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    past few days and weeks, with movements
    teaching a clear impasse, the aggregated
    cryptocurrency market has been following in
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    decisive momentum, One analyst is noW noting
    that BTC has been holding above a key macro
    level throughout the past few months. Growth
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    believe that the recent conmsolidation above
    this level bodes well for its near-term outlook
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  4. Digital art is barely the snow on top of the tip of an iceberg of what NFTs will eventually become

  5. The wallet that holds cryptopunk 7610 (one bought by visa) owns exactly 222 cryptopunks..
    150k? no.. at least 60 mil.

  6. <I respect your work mate, because you are pointing people in the right direction, this is the FOMO August for the incoming dip in September. It is manipulated but that can be a good thing if you understand it. We should all know that when these reports are bullish take some off to the side lines, when news gets bearish start buying. "Keep it simple simple" that bear/ correction was the best thing that happened me. but all thanks to Rick Richard for his amazing skills for help me to earn 20 BTC through trading chart. I believe we are in the spring phase…

  7. The planet is on fire and people are buying imaginary goods. This is like the Emperor's New Clothes meets Planet of the Apes.

  8. When the Vast Majority don't understand something innovative- that is a good sign for the early investors.
    The spread of adoption will be amplified and expedited even more so now than in the past- through the help of the internet and social media.
    Thank God I'm smart.

  9. I wouldn't be too quick to dismiss this…
    Remember what people used to say when crypto currencies first hit the market?

  10. I would never want the "status and identity" of a community that thinks NFTs are anything other than a way to separate rich idiots from their money.

    NFTs are so far beyond reality that satire can't even touch it. We have moved beyond rationality, beyond thought, beyond sanity with this trash.

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