Visa Announces Plan To Help NFT Creators Prosper

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On Wednesday, October 13, the US multinational financial giant Visa, announced its plan to establish a program that will help non-fungible token (NFT) creators to prosper. 

Visa intends to collaborate with famous NFT artist Micah Johnson in creating a program that will assist NFT creators understand the NFT industry and be able to use various blockchains to create and sell their NFTs.

Micah Johnson is a former Major League Baseball (MLB) player that retired in 2018. He then became an NFT creator and one of his popular creations is the famous “Aku” character, which is a picture of a young African-American boy that has a large space helmet, dreaming of becoming an astronaut.

“Aku” was released in Feb. 2021 and sold in less than 24 hours for over $2 million. It later became the first NFT to be selected for film TV.

https://twitter.com/Micah_Johnson3/status/1448308617644548105?s=20

Johnson in a separate comment 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.”

The company also said that it would provide a link between NFT creators and its wide network of payment partners to benefit the creators, expand their audience reach, and also foster their business growth.

First Group Of Creators For The Program To Be Selected Via An Open Application Process

In the announcement, Visa stated that its first group of NFT creators would be selected through an open application process. 

Once the creators are selected, they will be sponsored by Visa and offered exclusive consultative services.

NFT Purchase By Visa In August

The recent development in connection with Visa planning to assist NFT creators to thrive in their business comes nearly two months after Visa made its first NFT purchase.

In August, the financial giant paid 49.5 ETH ( worth $149,939 at the time) for a CryptoPunk NFT.

https://twitter.com/VisaNews/status/1429745230023208969?s=20

While the purchase is not among the most expensive NFT purchases, it is a sign that Visa appreciates NFTs. 

Visa Has Joined Other Companies Leveraging The Growth Of NFTs

Besides Visa, many other companies have noticed the great potential in NFTs and decided to leverage their growth.

In September 2021, video-sharing and social networking platform TikTok ventured into the NFT collection and its collection will include videos from several influential NFT creators like Lil Nas X, Rudy Willingham, and Brittany Broski.

The leading cryptocurrency exchange Coinbase also recently announced its plan to develop an NFT marketplace that will support ERC-1155 and ERC-721 tokens.

Another cryptocurrency exchange called FTX earlier launched an NFT marketplace named Solana NFT Marketplace.vi

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