A ‘whole new class’ of consumers is entering crypto space: Visa exec

SINGAPORE — Nonfungible tokens or NFTs have opened up the market for crypto assets to many more people this year, according to an executive from Visa.

NFTs are unique digital assets and act as a collector’s item that can’t be duplicated, making them rare by design. Ownership of these assets — which can include everything from music, digital artwork and website domain — is recorded on a blockchain, or a digital ledger.

A “whole new class” of mainstream consumers entered the crypto space because of NFTs, said Cuy Sheffield, Visa’s head of crypto. People interested in art, music or culture in general are “setting up crypto wallets in waves” and are excited to mint their own NFTs or support other creators, he added.

Before NFTs saw a boom this year, crypto assets used to attract mainly people interested in gold and finance, Sheffield said during a panel discussion at the Singapore Fintech Festival on Monday.

“Crypto is becoming cultural, it’s becoming cool,” he said.

“It used to be that if you were investing in crypto, you were kind of weird,” added Sheffield.

The function of a crypto wallet is changing, he said. Previously, it was a secure place to store digital assets, but now, it could be a place where people discover new music — becoming more of a “super app” that influences a consumer’s life, he explained.