Fri. Jul 1st, 2022

Visa is looking for entrepreneurs in the fields of fashion, arts, and entertainment to engage them in its new NFT-related project.

Visa in the NFT world

Two days ago, Visa introduced the Visa Creator Program, a new offering that could help digital artists, musicians, fashion designers and filmmakers build their businesses through non-fungible tokens (NFTs). According to a statement from the American credit card company, it is a very interesting business, considering that it has some 50 million artists of various kinds, with a total turnover of 100,000 million dollars.

guinea pig sheffieldhead of Visa’s cryptocurrency business development division, said in a statement:

“We have been studying the NFT ecosystem and its potential impacts on the future of commerce, retail, and social media. Through the Visa Creator Program, we want to help this new generation of small and micro businesses take advantage of new means for digital commerce.”

Earlier this year, a survey prepared by Visa indicated that about 24% of SMEs would already be ready to accept payments in cryptocurrencies in your current business. And according to the survey, 59% of the companies that participated in the survey already use only digital payments.

Program objectives

Visa first launched its program in October, as a kind of test, with former professional baseball player Micah Johnson, who created the media and entertainment company Aku. The program plans help chosen entrepreneurs learn more about the world of cryptocurrencies and NFTs, in which Visa appears poised to invest heavily in the near future. In this way Visa will support entrepreneurs and at the same time will be able to study on the ground how NFTs can impact the real economy and what can be its most appropriate uses.

The benefits for SMEs

Last August, in a lengthy blog post on the company websiteon the occasion of the purchase of a Visa NFTs from the CryptoPunk collection for around $150,000it was stated:

“NFTs have the potential to become a powerful accelerator for the creator economy and lower the barrier to entry for individual creatives to make a living through digital commerce. NFTs are beginning to usher in a new form of social commerce that empowers creators and collectors alike.”

The blog specifically referred to the possible future link between NFTs and SMEs, specifying how:

“NFTs could also power small and medium-sized businesses (SMBs) in new and powerful ways. The rise of e-commerce has made it possible for SMEs to sell online and reach customers all over the world. But they still have to produce and ship physical goods, which can have high upfront costs. NFTs provide small businesses with the opportunity to leverage public blockchains to produce digital goods, which can be instantly delivered to a crypto wallet. We can imagine a future where your crypto address becomes just as important as your postal address.”

Visa offers numerous services in the field of cryptocurrencies thus expanding payment services Visa has long had many credit cards that allow payment and money transfer in cryptocurrencies, five of them even using cashback. This is a tangible and unequivocal sign that the company, as well as its historical rival Mastercard, have been eyeing the world of cryptocurrencies with increasing interest for some time.

By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on wttspod.com for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.