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.
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