Key Takeaways:
- As part of Visa’s continuous efforts to help small and micro companies get greater access to the digital economy, the firm developed a program to assist artists in navigating NFTs. The one-year VISA NFT Campaign is designed for entrepreneurs in the arts, music, fashion, and film who want to use NFTs to grow their small businesses.
- According to an announcement, the creator economy is one of the fastest-growing sectors of small companies, with a projected market value of more than $100 billion.
- The program’s purpose is to bring digital producers together and empower them through product strategy mentoring.
For digital artists and innovators, NFTs have emerged as a new source of money. In India, a number of actors, musicians, and artists have coined NFTs of their work and sold them on NFT marketplaces. The VISA NFT program will assist many small scale creators reap community benefits.
Details of VISA NFT Campaign
VISA, the world’s largest digital payments company, announced a new programme on Wednesday to help artists such as digital-first artists, singers, fashion designers, and filmmakers grow their small companies by using non-fungible tokens (NFTs).
The “VISA [NFT] Creator Program” will work with a chosen number of entrepreneurs during each of its cycles to advise them how to grow their small businesses using NFT-supported platforms.
What executives said?
Cuy Sheffield, VISA’s Head of Crypto, said, “NFTs have the potential to become a tremendous accelerator for the creative economy.”
“We want to enable this new breed of small and micro companies to tap into new mediums for digital commerce through the Visa Creator Program,” Sheffield continued.
Creators will gain from increased access to the digital economy as their fluency in NFTs improves, allowing them to more effectively incorporate technology into their business models.
“In the early days of my NFT career, I depended on a community of NFT specialists and supporters to ground me in this new world,” Micah Johnson, a former professional athlete and Visa Creator Program partner, said.
I’m looking forward to collaborating with VISA to provide the same level of mentorship to budding artists embarking on their NFT journey.”
How will the VISA NFT program unfold?
Approximately 50 million artists, musicians, and creators distribute content as a full-time or part-time means of revenue around the world.
The VISA NFT Program choose a group of entrepreneurs for the creator programme and provide them with technical mentorship, access to researchers and specialists in cryptography, web3, and online commerce, as well as opportunities to engage with Visa’s client and partner firms.
Creators will also receive one-time money in the form of a stipend to help them build their businesses. Visa will also assist them in connecting with a bigger network of creators and exchanging ideas.
Visa has stated that its goal is to assist creators in navigating the technology underpinning NFTs and better understanding the value it may unleash for digital ownership and commercialization of creative goods, making it more accessible.
Selected innovators will be enrolled in a cohort-based programme aimed at improving and deepening their understanding of crypto commerce and traditional payments.
Also Read: VISA to grow in-house talent for Crypto.
Jordan Birnholtz, CMO and co-founder of Neon, a marketplace and gallery based on the Solana blockchain that inaugurated an NFT ATM in New York City’s financial district in February, said “it’s great to see VISA showing an interest in the creative economy” about the program.
In August 2021, VISA paid $150,000 for a CryptoPunk NFT citing the desire to collect “an NFT that embodies the enthusiasm and opportunity of this particular cultural moment.” We’re a corporation rooted in the history of commerce and payments, but we’re also looking ahead. We’re diving right in with our CryptoPunk purchase. Sheffield noted in a blog post at the time, “This is just the beginning of our work in this space.”
