Visa (NYSE:V) got itself a fancy new Twitter (NYSE:TWTR) avatar this August, and even though it didn’t stay up for long, the 8-bit-styled picture of a visibly unamused woman with a stylish mohawk still made dozens of headlines. It was not just about the relatively hefty price tag of $150,000. The mere fact that the financial giant bought a nonfungible token (NFT) representing the image from the CryptoPunks collection set off fireworks in the media. It was the best marketing spend Visa’s done all year — the ROI on news articles alone must have paid for the purchase tenfold.
Yes, even Visa “apes in” on NFTs these days, to use an expression NFT collectors drop a lot in the era of the wealthy pouring millions into JPEGs of apes. But even though the technology’s journey from memes to riches has taken it into the digital art world, I don’t think that this will be its mass-market use case.
Liam Bussell is the head of corporate communications and investor relations at Banxa, an internationally-compliant fiat-crypto gateway. Before joining Banxa, Liam worked as chief marketing Oofficer at Diginex, chief marketing officer at BC Group, and head of marketing at World First (acquired by Alibaba (NYSE:BABA)). Liam is a marketing leader with 18 years experience in building Fintech & Technology companies from bootstrapping through to listing.
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