Nonfungible tokens or NFTs for short are broadening the cryptocurrencies market assets, according to an executive at Visa.
NFTs are digital assets that are securely recorded on a blockchain. The digital assets act as a collector’s item an
A “whole new class” of mainstream consumers entered the crypto space because of NFTs, said Cuy Sheffield, Visa’s head of crypto. Endorsers of NFTs aren’t only limited to art, but also music and culture in general and they are “setting up crypto wallets in waves” and are excited to mint their own NFTs or support other creators, he added.
When cryptocurrencies boomed in recent years, crypto assets were destined for financial-minded people. However, NFTs are changing that, Sheffield said during a panel discussion at the Singapore Fintech Festival on Monday.
