Visa launches program to add creatives to NFTs

Another payment giant is taking more steps in Web3. Visa, a multinational credit card company, has launched a program to get creatives on board in the world of non-replaceable tokens.

Cuy Sheffield, Visa’s Head of Crypto, said NFTs “can take many forms”, and Visa wants to be able to support creatives as they use NFTs as a bridge to reach “new audiences, products and services”.

The one-year program consists of a small cohort that will undergo training and education related to the NFT space. The creators include artists, filmmakers, fashion designers and musicians. The process of joining the cohort consists of completing a questionnaire and then a final interview.

The framework for the program includes the following:

  • Technical and product mentorship
  • community building
  • Access to opinion leaders
  • Networking with Visa’s customers and partners

Visa also gives program participants a one-time grant at the end of the program to fund their launch into the NFT space. The face of the program is none other than Micah Johnson, a former baseball player who started an NFT collection of black astronauts. He was inspired to create the collection after a young boy asked, “Can astronauts be black?”

Visa not the only financial services company launching on Web3

Visa is not new to Web3. In August 2021, the company even bought a CryptoPunks NFT. It wanted to explore NFTs as a new financial medium and gain hands-on experience in buying and storing assets.

After the purchase of Visa – one of the first steps a financial company took in Web3 – other financial companies followed. Since buying the CryptoPunk, Mastercard has signed up as a payment processor for the Coinbase NFT marketplace. JP Morgan has opened a headquarters in the metaverse Decentraland. And American Express has registered trademarks for metaverse and Web3 use.

Some banks are even thinking of opening branches in the metaverse, where people can perform regular banking functions, such as checking balances or receiving information. Visa has also said that the purchase of the CryptoPunk will not be its last NFT purchase, leading to speculation about what it might buy next.

There is no telling whether the program will be successful and the participants will have a long and storied career in the NFT space. But the institutional support is another sign that top companies are optimistic about Web3, even though it’s a relatively young industry.

Leave a Reply

Your email address will not be published.