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Visa launched a program to help creators navigate NFTs as part of the company’s ongoing efforts to help small and micro-enterprises gain greater access to the digital economy. The one-year immersion program is aimed at entrepreneurs working in art, music, fashion and film who want to accelerate their small business through NFTs.
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Visa said there are 50 million artists, musicians and creators who publish content as a full-time or part-time source of income. With an estimated market size of more than $100 billion, the creative economy is one of the fastest-growing categories of small businesses, according to an announcement.
The goal of the program is to bring digital creators together and empower them through product strategy mentorship.
“NFTs have the potential to become a powerful accelerator for the creative economy,” Cuy Sheffield, head of crypto at Visa, said in the announcement. “We have studied the NFT ecosystem and its potential implications for the future of commerce, retail and social media. Through the Visa Creator Program, we want to help these new breed of small and micro businesses tap into new media for digital commerce.”
Kevin Primicerio, Co-Founder and CEO of NFT Music Platform Pianitytold GOBankingRates that NFTs offer great opportunities for all kinds of creators.
“They are transforming the way artists can create value from their work and – just as importantly – deepen their relationship with their fans. It’s a game-changer for many industries and even more so for independent creators, such as emerging artists, who are struggling to monetize their work through third-party platforms,” he said. support through such programs and help democratize NFTs. Many creators need education about NFTs, the potential of the strategy and which marketplace to use regarding the type of art being sold.”
Visa’s program focuses on supporting creators in five key areas, the company said. It includes technical and product mentorship with Visa’s team of crypto product and strategy leaders. Additional areas include community building, with access to thought leaders in digital commerce, Web3, crypto and payments; exposure to Visa’s customers and partners; and a one-time stipend to help makers kick-start the next phase of growth, the company said.
Jordan Birnholtz, CMO and Co-Founder at Neona marketplace and gallery built on the Solana blockchain, which launched an NFT ATM in February in New York City’s financial district, as GOBankingRates previously reported, said it’s great to see Visa showing an interest in the creative economy.
“Fintechs have been doing this for a while, but with traditional financial institutions getting involved, we expect the momentum to continue,” Birnholtz told GOBankingRates. “What remains most important is to create a space for these individuals to grow their businesses – and we at Neon are thrilled to see others take an interest in their success.”
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In August 2021, Visa purchased a CryptoPunk NFT for $150,000, as collecting “an NFT that symbolizes the excitement and opportunity of this particular cultural moment. We are a company steeped in the history of trading and payments, but with our eyes forward-looking. With our CryptoPunk purchase, we are leading the way. This is just the beginning of our work in this space,” Sheffield said in a blog post at the time.
“To help our customers and partners participate, we need a first-hand understanding of the infrastructure requirements for a global brand to buy, store and use an NFT,” said Sheffield. “We also wanted to show our support for the creators, collectors and artists who are shaping the future of NFT commerce. Empowering buyers and sellers is what we do – whether it’s helping small and micro business owners get online, or making it easier for businesses to pay their partners across borders. We are excited to work with this growing community to make NFTs useful and accessible in a variety of contexts.”
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About the author
Yael Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including: Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major New York City financial firms, including New York Life and MSCI. Yael is now a freelancer and most recently co-authored the book “Blockchain for Medical Research: Accelerating Trust in Healthcare”, with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in journalism from New York University and one in Russian studies from Université Toulouse-Jean Jaurès, France.