Cuy Sheffield, Visa’s head of crypto, says many mainstream users are creating crypto wallets to be a part of the NFT sector in waves. According to him, investing in cryptocurrency has become much cooler due to the inflow of creative users drawn by the booming nonfungible token sector.
While speaking at the Singapore Fintech Festival Day One on Monday, a new class of mainstream users is now focusing on crypto, and NFTs are attracting individuals from different sectors which include those with interests in culture, art, and music.
Sheffield said, “Crypto is becoming cool and cultural,” adding that, in the past, you were considered weird if you invested in crypto. A blend of NFT technology with the entertainment sector could lead to crypto wallets becoming some sort of super app that users can discover new content related to their interests rather than just a way to store their digital assets.
In August, Cuy Sheffield, who is a self-described NFT enthusiast, led his team to purchase #7610 CryptoPunk, a female caricature with clown eyes, mohawk, and lipstick, for 49.50 Ether. According to Sheffield, the move was necessary to obtain first-hand knowledge of the structural requirements for a worldwide brand to buy, save, and use NFT.” He also hinted that the firm was considering offering services related to NFTs to increase its presence in the industry. Tracking and leveraging the digital asset across multiple environments could lead to exciting possibilities for gaming, ticketing, art, and music, he said.
The organizers of this annual event are the MAS (Monetary Authority of Singapore) and Eleandi, a non-profit organization. The event of this year focuses on Web 3.0 and features notable guests, such as Chainlink, Visa, Celo AMTD Group, Mastercard, Microsoft, Tencent, and Ant Group. Ravi Menon, MAS managing director, also spoke at the event, stating that the tokenization of real-world objects, smart contracts, and intellectual property are enablers of the Web 3.0 model. Menon stressed the connection between commodities and tech, such as art, digital music, real estate, and worthy assets like patents.
When tokenized, ownership and rights of these assets could be seamlessly transferred, increasing efficiency and liquidity. As a result, economic opportunity and inclusion could be greatly enhanced. Away from this, the need to trade with the right app, including https://bitiqapp.com/, must not be ignored.
Publicly traded companies pulling firms into crypto
To show that Cuy Sheffield was right with his observation, many publicly listed companies are offering crypto getaways to firms thereby increasing the capital flow into the markets. Despite crypto assets’ value, volatility remains a major concern, especially for incoming players.
Anyone can invest in some cryptocurrencies and profit from their rise in value. However, it is possible to diversify and benefit from the overall improvement of blockchain and crypto-related businesses by investing in well-known companies that are involved in this field. As a result, investors can gain exposure to the investment unit with a low connection to the harsh price change of the market.
There are many companies with digital assets that are open to institutional and retail investors, including:
- Coinbase
- Microstrategy
- Riot Blockchain
- PayPal
- Marathon Digital Holdings
- Hut 8 Mining
- Eqonex Group
These are just a few publicly traded companies you can invest in if you like their portfolios.
There are different advantages to investing in stocks from publicly traded companies with digital assets. The investor is not exposed directly to the volatility of the market as with direct investors. Crypto-related businesses also offer investors the convenience of avoiding the complications of buying and storing digital assets, all while being exposed to the potential upside of the blockchain and crypto industry.
Bottom Line
Despite the increasing number of digital asset companies who trade stock publicly on exchanges, it has never been easier for capital to flow into the digital and crypto asset market. But with the help of NFTs, many people are getting interested and there is a noticeable difference in the number of investors.
