- The global creator economy is valued at $100 billion
- This program will focus on supporting creators in five key areas
- Visa’s Creator immersion program will run for one year
Visa launched a program to help creators navigate NFTs as part of the company’s ongoing efforts to help small and micro businesses gain greater access to the digital economy. The one-year immersion program is geared toward entrepreneurs working in art, music, fashion, and film looking to accelerate their small businesses through NFTs.
Community, mentorship, and access for emerging artists
With an estimated market size of more than $100 billion, the creator economy is one of the fastest-growing categories of small businesses. Visa said that it aims to help creators navigate the technology behind NFTs and be able to better understand what value it can unlock for digital ownership and monetization of creative assets, making it more accessible. Selected creators will join a cohort-driven program designed to build and deepen their fluency in crypto commerce and traditional payments.
The areas that the program covers are: the creation and understanding of NFTs, digital commerce, cryptocurrencies, web3, and business growth.
One-time funding in the form of a stipend will also be provided to creators to expand their business. Visa will also help them connect with a larger creator community and exchange ideas. Cuy Sheffield, head of Crypto business at Visa feels, that NFTs can be a powerful accelerator for the creator economy. He said Visa has been studying the NFT ecosystem and its potential impact on online commerce, retail and social media.
Several movie actors, musicians, and artists in India have also minted NFTs of their work and sold them on NFT marketplaces. Several new marketplaces and platforms have cropped up in India in the last few months to help creators mint and sell NFTs. According to crypto-analysis platform DappRadar, the global NFT market generated over $23 billion through transactions in 2021.
Selected creators will join a cohort-driven program designed to build and deepen their fluency in crypto commerce and traditional payments. The program is focus on supporting creators in five key areas:
- Technical and product mentorship: Mentorship with Visa’s team of crypto product and strategy leaders, to cover topics including evaluating tradeoffs between underlying blockchain networks, smart contracts, and NFT marketplaces.
- Access to thought leaders: Hear from leading-edge thinkers and researchers working across digital commerce, web3, crypto, and payments.
- Exposure to Visa’s clients and partners: Opportunities to engage with companies across Visa’s network of clients and partners.
- Stipend: One-time stipend to help creators kick-start the next phase of growth.
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