Financial services giant Visa Inc (NYSE:V) plans to launch a new non-fungible token program focused on lowering the barriers to entry for digital creators across the world.
What Happened: “NFTs offer a medium to connect directly with fans and collectors, making it easier for creators to monetize their talent and build a business,” Visa said in an announcement on Wednesday.
The company is collaborating with Major League Baseball player turned crypto artist Micah Johnson for the effort.
“I’m excited about the opportunity to work alongside and learn from a trusted brand like Visa,” said Johnson. “Working together, we want to arm creators with the resources they need to stay at the forefront of this revolution.”
Johnson describes his first experimental NFT sale in 2020 as “a real turning point” in his career, which provided him a way to gain access to audiences outside the traditional art world.
Visa’s new NFT program seems to be focused on bringing the benefits of NFT commerce to small and micro business owners, as opposed to larger corporate entities.
“That’s why we’re partnering with Micah to build a program designed to help creators understand this technology and how to harness public blockchains for producing and selling digital goods,” Visa in a statement.
The company will reportedly select and sponsor a small group of creators for its inaugural class, following an open application process. In addition to providing this group with guidance on how to navigate crypto and traditional payment infrastructure, Visa will also facilitate relationships between its NFT artists and its network of payment partners.
Visa first dabbled in the NFT space earlier this year, purchasing a CryptoPunk NFT for $150,000.
The company’s purchase triggered a massive CryptoPunk buying spree, with over 90 NFTs worth $20 million sold within an hour.
V Price Action: Visa shares were up 0.88% at $224.38 midday Thursday.
Image by Nathan Dumlao on Unsplash.