Payments Giant Visa Launches NFT Program to Support Digital Artists

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

Visa Wants Artists To Learn About NFTs

Visa has announced it will launch a program to introduce artists to the world of NFTs. The company is partnering with former MLB player Micah Johnson, who is now a digital artist, in order to show the benefits that non-fungible token (NFT) technology can provide. Things like new markets for art creations and at the same time, close the gap between consumers and art providers.

Micah, who is the creator of Aku, an NFT based character, leveraged NFTs as a way of giving life to a community around its creation. About the possibilities the NFT world can offer, Johnson stated:

NFTs unlocked an opportunity for me to build a community of people interested in supporting my work — in a way that goes way beyond simply liking or sharing.

Visa will sponsor a small group of creators led by Johnson to teach artists to use blockchain-based tools to produce and sell digital goods. The company will also counsel these artists to learn how to use digital and traditional payment methods to monetize their work.

NFT Season Is Red Hot

Visa is one of the many companies that jumped into the NFT bandwagon this year, possibly trying to take advantage of the popularity these instruments have reached recently. It announced the purchase of a Cryptopunk NFT back in August for $165K in ethereum (ETH). Cryptopunks is a popular NFT collectible brand in the market, spinning off hundreds of derivatives across several blockchains.

After this, Visa issued an NFT report titled “NFTs: Engaging Today’s Fans in Crypto and Commerce,” where it explained the 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.