Payment service provider Visa has launched a ‘Creator Program”—aimed at educating small entrepreneurs to understand and leverage non-fungible-tokens (NFTs) to expand their businesses further. According to Visa, its new program will help digital-first artists, musicians, fashion designers, and filmmakers strengthen their small businesses using non-fungible tokens (NFTs) to navigate through the new category of commerce.
“NFTs have the potential to become a powerful accelerator for the creator economy,” said Cuy Sheffield, Head of the Crypto, Visa. “We’ve 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 breed of small and micro businesses tap into new mediums for digital commerce.”
In a press release, Visa noted that 50 million artists, musicians and creators across the world publish content as a full or part-time source of income.
“With an estimated market size of more than $100 billion, the creator economy is one of the fastest-growing categories of small businesses. To support this growth today with the Visa Creator Program, the company aims to help creators navigate the technology behind NFTs and be able to better understand what value it can unlock for digital ownership and monetization of creative assets, making it more accessible,” the company said in its press release.
The program will select few creators, mentor them with Visa’s team of crypto product and strategy leaders, and cover topics including evaluating tradeoffs between underlying blockchain networks, smart contracts, and NFT marketplaces.
In the Visa’s creator program, small entrepreneurs will be offered an opportunity to exchange ideas with a community of creators in various stages of their NFT journey and will also be provided access to leading-edge thinkers and researchers working across digital commerce, web3, crypto, and payments.
Further, the company said it will help these creators with companies across Visa’s network of clients and partners. And also give creators one-time stipend to help them kickstart the next phase of growth.