Financial services giant Visa Inc V plans to launch a new non-fungible token program focused on lowering the barriers to entry for digital creators across the world.
“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 (October 14, 2021).
Originally Posted on October 14, 2021 – Visa To Launch NFT Program To Support Digital Creator Economy
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Disclosure: Interactive Brokers
Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from Benzinga and is being posted with permission from Benzinga. The views expressed in this material are solely those of the author and/or Benzinga and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
In accordance with EU regulation: The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.
Any trading symbols displayed are for illustrative purposes only and are not intended to portray recommendations.
Disclosure: Digital Assets
Trading in digital assets, including cryptocurrencies, is especially risky and is only for individuals with a high risk tolerance and the financial ability to sustain losses. Eligibility to trade in digital asset products may vary based on jurisdiction.