Visa's head of crypto says NFTs may be poised to bolster velocity of commerce

The technology behind non-fungible tokens ("NFTs"), designed to be digital representations of real-world objects, could be set to strengthen the speed of commerce and therefore serve an important catalyst for the entire payments ecosystem, said Cuy Sheffield, head of crypto at Visa (NYSE:V), in a virtual session hosted by RBC Capital Markets. "If NFTs as a technology can really start to increase the velocity of commerce, and bring more people across the world... we think that is a big opportunity for the entire payments ecosystem, and we think a lot of this is going to be driven and built by individual creators, which we kind of see as the next generation of small businesses," Sheffield told RBC at the 2022 Financial Technology Conference. Sheffield pointed out that Visa (V) cardholders, who typically use their card once per day, are more likely to make more payments for digital goods than physical