Visa launches NFT program

    Visa launches NFT program

    Visa, the world’s largest credit card company, has created an NFT creator initiative to help small businesses get into the digital economy.

    Cuy Sheffield, Visa’s head of crypto, told TechCrunch, “We’ve observed rapid growth in the NFT ecosystem over the last year.” “We believe NFTs are a new type of e-commerce.”

    According to Sheffield, the concept of a small business is moving from traditional “brick-and-mortar mom-and-pop shops” to encompass other independent firms with artists and entrepreneurs who want to establish digital-focused businesses and employ new tools like NFTs.

    What is this Visa Creator program?

    The Visa Creator Program, a one-year immersion program, will bring together a global cohort of creators, including artists, singers, fashion designers, and filmmakers, to learn how to use NFTs to grow their companies.

    According to Sheffield, there would be no “strict cap” on the number of creators in the initial cohort, and all members will have access to Visa clients and a larger network of mentors.

    “Every day, large retailers and brands ask how they can get involved,” Sheffield remarked. “What excites us about NFTs is that we believe it lowers the barrier to entry for anyone who wants to start a business and sell online.”

    How Visa thinks NFTs is a breakthrough

    Traditional methods of selling physical things entail a lot of logistics, which can make it difficult for small enterprises and individuals to compete and scale. Sheffield explained. “NFTs enable someone who is creative, an artist, or a talented person to generate a good wholly digitally.”

    Micah Johnson, a former Major League Baseball player, and current Aku artist was one of the cohort’s founding members. Visa announced the relationship in October 2021 but did not say whether or not he was a part of it at the time.

    Black Astronauts?

    Johnson’s Aku NFTs are based on a figure he devised in response to his nephew’s question, “Can astronauts be Black?”

    His ten-part series has Black male astronauts dressed in a variety of outfits, ranging from spaghetti and meatball-covered headgear to a basic, sleek white helmet. According to the Aku website, the NFTs range in price from $1,790 to $37,000.

    Visa to embed in crypto

    According to Sheffield, Visa intends to incorporate itself into these crypto technologies in the future to keep up with the future of commerce. Sheffield stated, “We’re really thrilled about NFTs.” “We want every [NFT] marketplace to take Visa cards since we believe NFTs will exist on a variety of networks.” What are the next steps? According to Sheffield, Visa aims to make purchasing an NFT as simple as purchasing anything else online.

    “What we’ve seen is that the experience today may be quite complicated, requiring many steps such as visiting an exchange, purchasing cryptocurrency, and transferring it to another wallet….” “It’s really tough for new customers to enter the market,” Sheffield explained.

    Apart from this scheme, the credit card firm is looking into other ways to make NFTs easier to buy and access for users. Visa is working on a “series of initiatives” to make it easier for consumers to enter the market, but Sheffield did not provide a date for future NFT-focused product or service releases with the firm.

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