Payment giant Visa has launched an initiative dubbed Visa Creator Program intended to help filmmakers, artists, fashion designers, and musicians revamp their businesses through non-fungible tokens (NFTs).
With a market size of approximately $100 billion, the creator economy is among the fastest-growing areas of small business. Therefore, the Visa program aims to expand the knowledge base of entrepreneurs in this area about how they can enhance their revenue streams with NFTs.
Cuy Sheffield, the head of crypto at Visa, believed this initiative is a game-changer. He noted:
“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.”
Sheffield added:
“NFTs have the potential to become a powerful accelerator for the creator economy.”
The proof of ownership concept presented by NFTs is seen as a stepping stone in helping creators grow their businesses and generate more revenue.
Per the announcement:
“The Visa Creator Program is geared towards entrepreneurs working in art, music, fashion and film who are serious about incorporating NFTs into their business model, whether they’ve just minted their first NFT or have several successful drops under their belt.”
The program will aid creators in five main areas: stipend, community building, technical and product mentorship, access to thought leaders, and exposure to Visa’s clients and partners.
Visa stated that selected creators would be enrolled in a cohort-driven program intended to deepen their prowess in traditional payments and crypto commerce.
The proof of ownership notion has been giving NFTs the upper hand. For instance, Caroline Alexander, a finance expert at the University of Sussex, opined that non-fungible tokens would be everywhere in the future because they would dominate the necessity of proof of ownership.