An executive from Visa, Cuy Sheffield, said non-fungible tokens or NFTs have helped to spread crypto assets to a wider audience this year.
NFTs are new types of digital assets that are unique and that can’t be duplicated, making them valuable and rare. A blockchain, or digital ledger, records ownership of these assets – which can include music and digital artwork.
In his view, there is a “whole new class” of mainstream users flocking to crypto, and that NFTs are attracting people with a wide range of interests, such as music and art.
As a result of combining the entertainment and blockchain sectors, Sheffield believes crypto wallets could become the place to discover new content relevant to their interests rather than just storing digital assets.
Sheffield announced this at the opening of the Singapore Fintech Festival on November 8th, 2021.
During the festival, Yusho Liu, co-founder of local crypto exchange Coinhako, also discussed the growing popularity and appreciation of meme coins, such as Shiba Inu and Dogecoin.