Visa encourages artists to learn about NFTs
Visa has introduced a program to introduce artists to the realm of non-financial transactions (NFTs). Micah Johnson, a former MLB player who is now a digital artist, collaborates with the firm to demonstrate the benefits of non-fungible token (NFT) technology. Things include opening up new marketplaces for creative productions while also bridging the gap between customers and artists.
Micah, the developer of Aku, an NFT-based character, used NFTs to create a community around the character’s creation. Johnson expressed the following about the potential that the NFT world can provide:
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 fund a small group of innovators headed by Johnson to educate them on creating and selling digital items using blockchain-based technologies. The business will also advise these artists on commercializing their work using both digital and conventional payment methods.
The NFT Season Is In Full Swing
Visa is one of several corporations that have hopped on the NFT bandwagon this year, presumably in an attempt to capitalize on the current surge in popularity of these instruments. In August, it agreed to buy a Cryptopunk NFT for $165K in ethereum (ETH). Cryptopunks is a well-known NFT collectible brand with hundreds of variants spread over many blockchains.
Following that, Visa released NFT research titled “NFTs: Engaging Today’s Fans in Crypto and Commerce,” which detailed the many ways in which NFTs may be used to boost fan interest, improve customer relationship management, and uncover new income streams for existing firms. As a result, according to the source, Visa is evaluating NFTs as a serious offer to expand its market and incorporate new firms that may be coupled with its existing payment services.