Visa Launches Booster Program for NFT Creators

According to company data, around 50 million people in the world are dedicated to creating and publishing the new form of content as a source of income.
Visa believes that digital commerce will continue to grow in the coming years, driven mainly by small and micro-enterprises.

Visa launched the ‘Visa Creator‘ program, the main objective of which is to provide assistance to artists, musicians, fashion designers and filmmakers who are dedicated to creating works of art in virtual space.

The company seeks to boost small businesses through the development of NFTs. To this end, Visa will select groups of creators looking to deepen their knowledge of the crypto industry.

According to the company’s data, currently some 50 million people are dedicated to creating and publishing content as a source of income either full or part time.

The total market size of the NFT creator economy currently stands at more than $100 billion, according to a report by Influencer Marketing Hub. In this area, small companies are showing the greatest level of growth.

NFTs are digital assets developed using blockchain technology in the form of videos, music, images or software, allowing their ownership and authenticity to be established, just like any other creation or work of art.

The Potential of NFTs in the Creator Economy

Before launching the program, the payment company collaborated with Micah Johnson, former professional athlete and creator behind the NFT collection ‘Aku World’.

"Early in my NFT career, I was supported by a community of NFT experts and advocates who helped me establish myself in this new world," said Johnson, who was also one of the first artists to participate in the Visa Creator program.

For the head of Visa's cryptocurrency department, Cuy Sheffield, "NFTs have the potential to become a powerful accelerator for the creator economy."

“We have been studying the ecosystem and its possible impact on the future of commerce, in the retail sector and in social networks. Through the Visa Creator Program we want to help this new group of micro and small businesses take advantage of new media for digital commerce," he added.

Creator Support Areas

The five areas that the program will focus on include: Visa technical and crypto product mentoring with the support of specialists in blockchain networks, NFT markets and smart contracts.

Likewise, the program will aim to strengthen the development of ties in the community and improve access to intellectual leaders in order help users strengthen and perfect their digital creations. This is in addition to providing exposure to Visa clients and partners in the remunerative part, which consists of a one-time payment to help creators grow and develop their production unit.

On the Flipside

The NFT market has grown exponentially in recent years. However, some analysts note that it is a bubble that appears to be shrinking.

Why You Should Care

The Visa Creator program could help small and micro-businesses related to NFTs to improve their access to the digital economy.
Through the program they will be able to access financial resources, technical support, and industry experience.