Payment services provider Visa has started a creator program to help small entrepreneurs such as filmmakers, digital-first artists, musicians, and fashion designers understand how they can leverage non-fungible tokens (NFT) to expand their business.
Through the creator program, Visa said it will select a bunch of entrepreneurs and provide them technical mentorship; access to researchers and experts in cryptos, Web3, and online commerce; along with the opportunity to engage with Visa’s client and partner companies.
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, 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.
“Through the Visa Creator Program, we want to help this new breed of small and micro businesses tap into new mediums for digital commerce,” he added.
Creator economy is one of the fastest growing segments in small business. As per Kalaari Capital's estimates, the total size of the global creator economy was $104.2 billion in 2021. India is home to 80 million creators and knowledge professionals.
Visa has been actively supporting small businesses through multiple programs. For instance, through the She Next program, the company has been helping women-led small businesses with grants and business training.
NFTs have emerged as a new source of revenue for digital artists and creators. 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.