Ok it’s not a regular jpeg, it’s an NFT – but it’s a jpeg that was uploaded to this thing called a blockchain, given a hash and some random strings then boom! NFT born.
We kinda have a theory on why we think Visa did that. Lets start from here; Visa is a payments company with serious competition: most prominent among them is Mastercard. Then there are the startups with cool domain names that issue both physical and virtual cards to literally anyone without needing to get it from a traditional bank account. Gen Zs love these card issuing startups and if there is another thing Gen Zs have fallen in love with, it is crypto and NFT collectibles.
Crypto had a slow start then suddenly, and n0thing sums it up better than this tweet from Bitcoin News
“First, they ignore you, then suddenly Paraguay, Argentina, Panama, Brazil, El Salvador, Nicaragua embrace Bitcoin”
Going by the above, it is clear that mainstream adoption of crypto and it’s cousins – NFTs, DAOs… are on the rise. Institutional validation from big tech, big banks, central banks and national governments are always welcome news, it is no wonder then why traditional companies wants to court the favour of the younger generation by getting into the crypto space – along with the trend.
We think a major reason Visa bought an NFT worth that much was driven largely by the need to appear favourably to the younger market who obviously have cultivated and turned crypto and NFTs into the hottest asset class, clearly showing no regard for traditional stocks/shares – and to a large extent, it’s paying off.
Visa identifying with a movement popular among Gen Zs is a smart move. It is also worth noting that crypto adoption mainstream is inevitable. So if you are an executive at Visa and you need to answer the question – how do you get your brand associated with millennials? Your best answer would revolve around hanging out where they are