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Financial services giant Visa has announced a new creator program that will enable artists to expand their businesses using non-fungible tokens (NFTs). The creator program was first announced in October last year and will assist artists, filmmakers, fashion designers, and musicians.
Cuy Sheffield, Head of Crypto at Visa, commented on the development. He stated that the NFT space is growing at an interesting pace as creators become more involved in the space. The goal is to be positioned to provide more support for creators by using NFTs as a link to services, products, and new audiences.
The Creator Program To Support Different Segments Of Entrepreneurs
The number of artists that publish content as a part- or full-time source of income is growing. They have grown to more than 50 million while the creator economy is estimated to have a size of more than $100 billion.
The Visa Creator Program is designed to support different segments of entrepreneurs who want to expand their understanding of the NFTs and the technology behind them.
“NFTs have the potential to become a powerful accelerator for the creator economy,” Sheffield added. He said the BNFT ecosystem has a high impact on the future of social media, retail, and commerce. One of the goals of the Visa Creator program is to assist the new crop of small and medium-scale businesses to get involved in the digital e-commerce space and gain more potential.
Visa Creator Program To Boost The NFT Space
Last week, a report noted that one-third of NFT collections expires without activities around them. Additionally, another one-third of 8,400 NFT collections are trading below the amount issuers spent to mine the tokens. These failed projects are increasing in numbers every day, as long-time crypto observers are comparing the situation with the bust of the initial coin offerings (ICO) four years ago.
Many are afraid that the NFT space may see a similar dump ICOs suffered when thousands of the lost values following stricter regulation. But the Visa creator program is seen as an intervention and support program to enable the growth of artists in the NFT space.
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