Visa announced that it has launched a new initiative called “Visa Creator Program” to help support the maverick NFT sector.
The digital payments leader is aiming to assist a global group of creators who are interested in building their businesses with non-fungible tokens through the new initiative.
Visa Creator Program
The official blog post states that Visa Creator Program is designed to assist digital-first musicians, fashion designers, filmmakers, and artists in advancing their small businesses via NFTs. Visa will support select entrepreneurs with each cycle through the new initiative to educate them about the technology and platforms that are the foundation of NFT commerce.
Cuy Sheffield, Head Crypto at Visa commented.
NFTs could be a powerful accelerator for creating an economy. We have been looking at the NFT ecosystem to see how it might impact the future of commerce and retail as well as social media. We want to assist these new micro and small businesses in tapping into digital commerce through the Visa Creator Program.
This initiative is for entrepreneurs in film, music, fashion and art who want to include NFTs in their business models.
This includes both experienced and novice token-holders, as well as those who have had many successful drops. The Visa Foundation will provide a one-time stipend that will help creators kick-start their next phase of growth. It will also offer technical and product mentorship, community-building, access to thought leaders and exposure to Visa clients and partners.
Visa tried its hand at NFT when it bought a CryptoPunk NFT in exchange for 49.5 Ethereum. The CryptoPunk NFT was valued at $160,000 as of August 2013. Sheffield said that the acquisition of CryptoPunk #7610 was done to first understand the infrastructure requirements for a global brand in order to purchase, store and leverage an NFT before Visa’s clients or partners could participate.
The company then announced that it was partnering with Micah Johnson, an NFT artist, to create a program to assist creators in exploring the industry and leveraging various public blockchain networks to create and sell digital works.
The US multinational financial giant revealed it plans to connect creators with its payment partners in a way that will benefit the latter and increase their reach and business growth.
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