Visa to launch an NFT program to support digital artists

American financial services corporation, Visa, is to launch an NFT program to support digital artists.

The corporation announced in a press release that it was partnering with Micah Johnson, a former Major League Baseball player and Aku creator, to build a program that will support artists who want to use NFTs to sell their work.

Visa will help a select small group of creators to learn about the crypto and blockchain industry.

According to the firm, “Following an open application process, we will select a group of creators to serve as our inaugural class. We’ll be sponsoring this small group and providing consultative services to navigate the world of both crypto and traditional payment infrastructure.”

“We’re excited about the future of NFT commerce and what this technology can offer to small and micro business owners in the creator economy.

“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.”

Micah Johnson in 2020 created Aku, an animated black astronaut character, which has become the first NFT to be optioned for a feature film.

In February 2021, Aku was released on Nifty Gateway and sold more than $2 million in NFT tokens in 24 hours.

Micah Johnson said of the partnership with Visa, “I’m excited about the opportunity to work alongside and learn from a trusted brand like Visa. Working together, we want to arm creators with the resources they need to stay at the forefront of this revolution.”

Why Visa NFT program for digital artists

In the blockchain and cryptocurrency space, the NFT sector has experienced huge growth with a lot of NFT marketplaces have launched in recent months.

According to a report by DappRadar, a data analysis company, “the NFT space generated $10.67 billion in trading volume during Q3, an increase of 704% from the previous quarter. Ethereum and Ronin accounted for 77.73% and 19.53% respectively from the record numbers.”

Cryptocurrency exchange Coinbase on Tuesday announced it will launch its NFT marketplace towards the end of the year. Coinbase created a waitlist for individuals to have early access and just within 24 hours, the platform has over 1 million sign-ups.