• Visa Exec Says Cryptocurrency Is ‘Getting Cool’ – Seeing a Whole New Class of Mainstream Consumers Enter the Space

  • Visa’s head of cryptocurrency believes that there is a “whole new class” of mainstream consumers entering the cryptocurrency space due to non-fakeable tokens (NFTs). The executive further stated, “Cryptocurrency is becoming the culture. It’s becoming cool.”

    Visa executive: “Cryptocurrency is becoming culture, it’s becoming cool”

    Visa’s head of cryptocurrency, Cuy Sheffield, spoke about cryptocurrencies during a panel discussion at the Singapore Fintech Festival earlier this week.

    He explained that a “whole new class” of mainstream consumers are entering the cryptocurrency space thanks to non-fungible tokens (NFTs). The Visa executive added that people interested in art, music or culture are “building cryptocurrency wallets in waves,” noting that they are excited about creating their own NFTs and supporting other creators.

    Before the NFT boom, Cuy Sheffield said crypto assets mainly attracted people interested in gold and finance.” In the past, if you invested in cryptocurrencies, you were kind of weird,” he argued, elaborating: cryptocurrencies are becoming cultural. It’s becoming cool.

    The Visa executive further explained that people are now using cryptocurrency wallets for more reasons than ever before. Previously, cryptocurrency wallets were primarily used to store cryptocurrencies. Now people are using them to discover new music, and he described them as increasingly becoming “super apps” that impact consumers’ lives.

    In August, Cuy Sheffield was asked if he thought NFT would become mainstream.” Only time will tell,” he replied.” What is certain is that curiosity, an open mind and active experimentation is the best way to go when new technologies and use cases emerge.” He added.

    We think NFTs will play an important role in the future of retail, social media, entertainment and commerce.

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