Visa Inc. said on Monday that it purchased a “CryptoPunk” nonfungible token, or NFT, for nearly $150,000, jumping into the growing frenzy around digital assets that some argue could be a gamechanger in the realm of art, music and ownership of virtual assets. An NFT — which stands for non-fungible token — is a unique digital asset designed to represent ownership of a virtual item. Cuy Sheffield, head of crypto at Visa, said NFTs will play an “important role” in the future of retail, social media and entertainment.

CryptoPunks, of which 10,000 have been minted, are considered to be the original NFTs. CryptoPunk 7610 is one of 3,840 “female” punks. A collection of nine rare CryptoPunks that were among the first 1,000 minted fetched almost $17 million in an auction at Christie’s in May this year.

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