Visa, the world’s largest digital payments company, announced a new programme on Wednesday to help creators such as digital-first artists, singers, fashion designers, and filmmakers grow their small companies by using non-fungible tokens (NFTs).
The project, dubbed the ‘Visa Creator Program,’ will assist next-generation businesses in understanding and using NFTs.
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 tap into new mediums for digital commerce through the Visa Creator Program,” Sheffield added.
Approximately 50 million artists, musicians, and creators distribute content as a full- or part-time source of income around the world.
The creator economy is one of the fastest-growing categories of small enterprises, with an estimated market size of more than $100 billion.
Visa said it wants to assist creators better grasp the technology underpinning NFTs and what 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.
Mentorship will be provided by Visa’s team of crypto product and strategy professionals, who will discuss subjects such as analysing tradeoffs between underlying blockchain networks, smart contracts, and NFT marketplaces.
It will also provide a one-time payment to assist creators in transitioning to the next stage of their careers.
(Reports from the agencies)