Visa Named NFTs the “Fan Engagement Tool”
In its August 23 report, the Visa company described non-fungible tokens as an important innovation during the pandemic, which made interaction with fans possible.
According to the report, NFTs emerged at a time when fans are eager to join digital communities centered around their favourite artists or sports teams.
In addition, the pandemic has created a need to “diversify revenues and focus on technology in order to transform businesses in search of growth opportunities and gain fan attention.”
It helps that NFTs attract collectors and fans. In particular, NFTs can become major sources of fan acquisition, customer relationship management, and new revenue sources. The main uses for NFTs identified were collectibles, art and games.
Visa’s report was released alongside the announcement that the company had acquired its first NFT, the CryptoPunk 7610, for $150,000.