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Visa To Create NFT Program Focused On Promoting Creators

www.cryptovibes.com 14 October 2021 21:11, UTC
Reading time: ~2 m

Visa, a US multinational financial services company, has confirmed ready plans to establish a program focused on enlightening creators about the non-fungible token (NFT) industry and the use of various public blockchains to develop and sell their digital artworks.

In an October 13 announcement through a press release, Visa confirmed a successful partnership with a renowned NFT artist Micah Johnson to establish an NFT program aiming to promote and teach creators about NFT.

The payment giant insisted that the proposed program would connect creators and its network of payments partners. Visa asserts that the NFT program will offer a handful of benefits since it would expand widely to reach their audiences and foster business growth.

The latest development plans appear barely a few months since the fintech firm made its first NFT purchase. In August, the financial services firm paid 49.5 ETH for a CryptoPunk NFT, valued at $160,000 at the time.

Before summarizing, the fintech company revealed that it would select a group of popular creators to make a Visa’s first-class set through an open application process. Visa will sponsor the group and also offer consultative services.

Micah Johnson, featured partner in the proposed NFT program, is a former Major League Baseball (MLB) player who retired in 2018 and became an NFT artist. Johnson is the animated character of “Aku,” a renowned young African-American boy with a large space helmet who dreams of becoming an astronaut.

Johnson unleashed his NFT character in February 2021 and sold it for more than $2 million within 24 hours. Aku later emerged as the first NFT to be optioned for TV and film.

While commenting about his collaboration with Visa, Johnson mentioned:

 “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 Notable Companies Flocking Into NFT

Visa joins the list of notable companies indulging in the NFT sector. In September 2021, the video-sharing networking platform TikTok unleashed a wide range of NFT collectibles from some influential creators including, Lil NasX, Brittany Broski, and Rudy Willingham.

Others include major US cryptocurrency exchanges such as Coinbase, which recently revealed plans to set up an NFT marketplace to support its ERC-721 and ERC-1155 tokens. Earlier this week, FTX, a crypto derivatives exchange, launched its Solana NFT marketplace for United States clients.

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