Visa Plans to Launch NFT Program Focused on Helping Creators
Global financial services company Visa is collaborating with NFT artist Micah Johnson to establish a program that would enable creators to understand the non-fungible token industry better and utilize various public blockchain networks to develop and sell their digital works.
Visa to Teach Creators about NFTs
Visa announced the news via a press release on Wednesday (October 13, 2021). The company said it would provide a connection between creators and its network of payment partners, which would benefit the former, as it would expand the reach of their audiences and foster business growth.
The latest development comes nearly two months after Visa made its first NFT purchase. As reported by CryptoPotato in August, the financial services giant paid 49.5 ETH for a CryptoPunk NFT, which at the time was valued at $160,000.
Meanwhile, in the recent announcement, the company stated that it would select a group of creators to form Visa’s first-class through an open application process. The U.S. company will sponsor the group, as well as offer consultative services.
Visa’s partner, Micah Johnson, was a former Major League Baseball (MLB) player who retired in 2018 and became an NFT artist. Johnson is the creator of “Aku,” a young African-American boy with a large space helmet who dreams of becoming an astronaut.
The NFT character was first released in February 2021 and sold over $2 million worth of tokens within 24 hours. Aku later became the first NFT to be optioned for TV and film.
Commenting on the collaboration with Visa, Johnson said:
“I’m excited about the opportunity to work alongside and learn from a trusted brand like Visa. Working together, we want to arm creators with the resources they need to stay at the forefront of this revolution.”
More Companies Tap Into the NFT Sector
Visa has joined the list of companies that are leveraging the growing NFT industry. In September, video-sharing social networking platform TikTok announced the launch of its NFT collection, which will feature videos from some influential creators such as Lil Nas X, Brittany Broski, and Rudy Willingham.
Major US cryptocurrency exchange Coinbase recently revealed plans to set up an NFT marketplace, with initial support for ERC-721 and ERC-1155 tokens. Another crypto exchange platform, FTX, earlier launched its NFT marketplace called Solana NFT Marketplace for US-based clients.
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