Cuy Sheffield, Visa's head of crypto, stated that mainstream users are creating "crypto wallets in waves" to participate in the NFT sector.
Cuy Sheffield, Visa's head of crypto, stated that investing in cryptocurrency has become cooler as a result of an infusion of creative types brought in by the growing NFT sector.
Sheffield spoke on the first day of the Singapore Fintech Festival on November 8. He claims that a "whole new class" of mainstream users is migrating to crypto and that NFTs are engaging people with diverse interests such as music, art, and culture, who are "setting up crypto wallets in waves."
“Crypto is becoming cultural, it’s becoming cool,” Sheffield said, and added that: “It used to be that if you were investing in crypto, you were kind of weird.”
Sheffield thinks that combining the entertainment and NFT tech would result in crypto wallets becoming a sort of "super app" where users can discover new content according to their interests rather than just a way to put digital assets.
Visa's head of crypto is a self-proclaimed NFT enthusiast who supervised the firm's acquisition of CryptoPunk 7610 — a female figure with a mohawk, clown green eyes, and lipstick — in August for 49.50 Ether (ETH).
Sheffield explained the move at the time as part of an effort to "gain a first-hand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT."
“The ability to track and leverage a digital asset in multiple environments could mean exciting new opportunities in ticketing, gaming music, art, and beyond,” he said.
The Monetary Authority of Singapore (MAS) and non-profit organisation Eleandi organise the annual event, which continues till November 12. This year's event is centred on the potential of Web 3.0 tech, and significant guests include Visa, Mastercard, Chainlink, Celo AMTD Group, Microsoft, Ant Group, and Tencent.
Ravi Menon, Managing Director of MAS, also spoke at the event, saying that smart contracts and the tokenization of real-world things and intellectual property are "key enablers" of the new Web 3.0 paradigm.
Menon highlighted the importance of technology about commodities like real estate and intangible assets like patents, and also digital music and art:
“Once tokenized, rights and ownership of these assets could be transferred seamlessly, improving liquidity and efficiency. This has the potential to substantially enhance economic opportunity and inclusion.”