Visa Launches Program To Enable Creators Use NFTs As Revenue Stream
Payment processor Visa has launched the Visa Creator Program, an initiative that aims to help digital-first artists, musicians, fashion designers, and filmmakers accelerate their small business through non-fungible tokens (NFTs).
Through this program, Visa will help creators tap an estimated market size of more than $100 billion of creator economy, which is one of the fastest-growing categories of small business.
There are currently about 50 million artists, musicians and creators of all stripes who publish content as a full- or part-time source of income. This move by Visa can help creators generate revenue and grow their business through NFTs as they can establish ownership and authenticity of digital goods and media, like images, videos, and music.
Visa said each cycle of the one year program will support a selected group of entrepreneurs looking to deepen their understanding of the technology and platforms underpinning NFT commerce.
The program will enable entrepreneurs working in art, music, fashion and film who are serious about incorporating NFTs into their business model. The selected creators for the program will join a cohort-driven program designed to build and deepen their fluency in crypto commerce and traditional payments.
The program is focused in providing access to technical and product mentorship, NFT community building, leaders working across digital commerce, web3, crypto and payments, exposure to Visa’s clients and partners as well as a one-time stipend to help creators kick-start the next phase of growth.
The Visa Creator Program is part of Visa’s ongoing efforts to help small and micro businesses gain greater access to the digital economy. Visa is focused on digitally enabling small and micro businesses through opportunities to access funding, resources and expertise.
NFTs are pieces of tokenized content that are verifiably unique, with the authenticity, rarity, and scarcity, and are secured on blockchain. They are typically built on Ethereum, though other blockchains like TRON and NEO can be used. The NFT transaction is executed on blockchain using smart contracts to store and record their unique information.
When a person buys an NFT of a collectibles and rare items of art and music, he receives a token containing the same only and does not get ownership rights. NFTs are currently the hottest product in the digital asset space, with celebrities launching NFTs for their art and music collections as another revenue stream for their work.
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