Visa Launches NFT Product to Assist Digital Artists

 Visa, one the world’s largest credit and payment companies, announced that it has created a NFT program to help artists understand new technologies such as NFTs. Visa claims that NFTs can help artists to bridge the gap between art and potential buyers. The company will sponsor artists and give them advice about cryptographic technologies.

Visa Enables Artists To Know About NFTs

Visa announced that it will start a program to introduce artists into the world of NFTs. To demonstrate the many benefits of non-fungible token technology (NFT), Visa has partnered with Micah Johnson, a former MLB player. These include new markets for art creations, and closing the gap between art providers and consumers.

Micah, the creator of Aku (an NFT-based character), leveraged NFTs to give life to a community centered 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 select group of creators, led by Johnson, to help them use blockchain-based tools for creating and selling digital goods. These artists will be coached by the company to learn digital and traditional methods of payment to monetize their work.

NFT Crypto Season

Visa is among the companies that have jumped on the NFT bandwagon in 2018, possibly to capitalize on the recent popularity of these instruments. It purchased a Cryptopunk NFT in August for $165K in Ethereum (ETH). Cryptopunks, a well-known NFT collector brand, spins off hundreds of derivatives on several blockchains.

Visa published a NFT report entitled “NFTs” titled “NFTs – Engaging Today’s Fans in Commerce and Crypto,” which explained how NFTs could be used to increase fan engagement, better manage customer relationships and create new revenue streams for existing businesses. Visa sees NFTs as an opportunity to expand its market and add new businesses to its existing payments services.