Visa creates global NFT programme for content creators

Visa creates global NFT programme for content creators

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With NFTs gaining traction, Visa has launched a programme to help content creators build their business with NFTs, hoping to deepen their understanding of the technology and platforms underpinning NFT commerce.

The Visa Creator Programme aims to help digital-first artists, musicians, fashion designers, and filmmakers accelerate their small businesses through NFTs. Visa believes that NFTs can establish ownership and authenticity of digital goods and media, such as images, videos, and music, they can help creators generate revenue and grow their business.

“NFTs have the potential to become a powerful accelerator for the creator economy. We’ve been studying the NFT ecosystem and its potential impacts on the future of commerce, retail and social media. Through the Visa Creator Programme, we want to help this new breed of small and micro businesses tap into new mediums for digital commerce," said Cuy Sheffield, head of crypto at Visa.

Visa said selected creators will join a cohort-driven global programme designed to build and deepen their fluency in crypto commerce and traditional payments. The programme is focused on supporting creators in five key areas, including technical and product mentorship, where participants will learn from crypto product and strategy leaders at Visa about topics such as evaluating tradeoffs between underlying blockchain networks, smart contracts; and community building, which allows participants to exchange ideas and problem-solve with a community of creators in various stages of their NFT journey. Other areas include access to thought leaders, exposure to Visa’s clients and partners and stipend. Visa said the one-time stipend can help creators kick-start the next phase of growth.

Visa said the programme is part of Visa’s ongoing efforts to help small and micro businesses gain greater access to the digital economy. Last year, the company joined the NFT hype with its purchase of an NFT known as CryptoPunk 7610. According to CNBC, CryptoPunk is one of the thousands of NFT-based digital avatars and the purchase is nearly US$150,000 in Ethereum. Multiple media outlets have reported that CryptoPunks were created by Larva Labs in 2017. Sheffield said in a blog post that the company made the purchase to gain a firsthand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT. According to him, Visa thinks NFTs will play an important role in the future of retail, social media, entertainment, and commerce.

At the same time, the company wanted to collect an NFT that symbolises the excitement and opportunity of this particular cultural moment. 

NFTs have become a hot topic in the media and marketing industry with numerous brands creating their own NFT products. Most recently, The South China Morning Post also spun off its blockchain-based NFT business to form a new company called ‘Artifact Labs’. 

According to data from NFT data company, sales of nonfungible tokens jumped to more than US$17 billion in 2021 which was a 21,000% surge from 2020′s total of US$82 million.

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