Financial powerhouse Visa may soon regard NFTs and other digital art as a new form of e-commerce.
Visa NFT Program
Visa is one company that needs no introduction, and as one of the largest financial service providers, they hold a considerable amount of sway in the financial space and beyond.
To get to the point where they are now considered a financial powerhouse, Visa had to embrace new ideas and technologies. In the competitive financial space, it’s hard to make any headway without offering something better than everyone else.
In recent weeks, many major financial players have made their debut in the NFT space, including Visa, MasterCard, and JP Morgan Chase. This proves that financial players are beginning to realize the positives of the NFT and Web3 space.
Towards the end of March 2022, Visa debuted its NFT creator program to usher small businesses into the digital economy. Considering the incredible growth in the NFT space over the last few months, it looks promising, but most of the benefits are being experienced by a few companies and individuals.
There’s no denying that small businesses are missing out on the digital economy’s unique perks. According to Visa, its NFT creator program is here to help bring more small businesses into the digital economy. This thinking is different from almost anything else we’ve witnessed so far.
Digital Assets as a new form of e-commerce
Cuy Sheffield is Visa’s head of crypto, and during a recent conversation with TechCrunch, he shared how the rapid growth in the NFT space since 2021 has motivated the company to consider NFTs as a representation of a new e-commerce form.
In 2022, the word “small business” has evolved to mean more than just small physical stores or businesses; it now features a wide range of entrepreneurs and creators in the digital space looking to make a difference.
The proposed Visa Creator Program will be a one-year program that brings together global creators with the aim of helping them with building their businesses with NFTs. Speaking on the development, Sheffield had the following to say, “The thing that’s so exciting to us about NFTs is we think it lowers the barrier to entry for people to build a business and sell online.”
The Changing NFT Landscape
As NFTs and the Web3 space “mature,” we’ll see many new tactics and strategies from large and small businesses alike. The next few months will be interesting, and many companies, including Visa, are touting small businesses as the key to making it out of the “NFTs slowdown” unscathed.
After a year of unbelievable growth, there have been subtle signs that the NFT space may be about to witness a “correction.” The NFT space is currently evolving at incredible speeds, and nobody knows what the NFT ecosystem will look like by the end of 2022.
Finally, who of you will be metapreneurs by the end of the year?