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Friday, October 4, 2024

Visa Launches NFT Program to Support Digital Artists

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Visa, one of the leading credit and payments companies, has announced the creation of a program that will allow artists to understand how they can use new technologies like NFTs .

The company is partnering with Micah Johnson (former MLB player), who is now a digital artist, in order to teach the benefits of non-fungible token (NFTs) technology and the use blockchain-based tools to produce and sell digital goods to the artists.

The company will also guide these artists to learn how to use digital and traditional payment methods to monetize their work.

According to Visa, NFTs have the potential of evening out the field for artists, allowing them to close the gap between the art and its potential consumers. The company will sponsor a group of artists, giving them counsel about the importance of these cryptographic technologies.

This is not the first time VISA entered the NFTs world. In August , VISA announced that they bought their first NFT a “CryptoPunk,” one of thousands of NFT-based digital avatars, for nearly $150,000 in ethereum. Cryptopunks is a popular NFT collectible brand in the market, spinning off hundreds of derivatives across several blockchains.

After this purchase, Visa issued an NFT report titled “NFTs: Engaging Today’s Fans in Crypto and Commerce,” where it explained about the NFTs, different ways in which NFTs can be leveraged to increase fan engagement, have better management of customer relationships, and find new potential revenue streams for current businesses. The report shows that Visa is considering NFTs as a serious proposition to extend its market and include new businesses that can be paired with its current payments services.

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