Visa Intends To Roll Out NFT Program

Visa, a multinational firm for financial services, is doing a partnership with Micah Johnson (an NFT artist) to construct a program for enabling the creators to comprehend the industry of NFTs (non-fungible tokens) in a better way and use several public chain-based networks to establish and trade the digital works thereof.

Visa to educate creators regarding NFTs

The news was announced by Visa on Wednesday through an official press release. The firm stated that it would deliver a linkage among its payment partners’ network and the creators to provide an advantage to the latter because, in this way, the rapid business development and the audience scale would expedite to a great extent. The new development of the company is reported several months later than the first purchase of NFT by Visa, which took place in August this year, and almost 49.5 ETH were paid by the firm for an NFT of CryptoPunk valuing up to $160,000.

In the meantime, the latest announcement mentioned that a team of creators would be selected by the firm to develop its first-class via a process of open application. The United States-based firm will back the respective group along with offering consultative services. Micah Johnson (a partner of Visa) is known as a former player from the MLB (Major-League-Baseball) who got his retirement in 2018. After that, he turned into an artist of NFTs. He is known to be the developer of “Aku” (a young African-American boy having a big space helmet and dreaming of turning into an astronaut one day).

The first release of the NFT character took place during February this year, and the tokens having a value of more than $2 million were sold before spending 24 hours. Afterward, Aku became the initial NFT as an option for film and TV. Johnson, while giving his remarks about the collaboration, expressed that he is excited about this opportunity and will work and be educated from a reliable brand such as Visa.

A swarm of firms into the sector of NFTs

Various firms that are benefitting from the developing industry of NFTs have been joined by Visa. In September, TikTok (a platform for social networking and video-sharing) declared to release the collection of its NFTs featuring videos related to influential creators like Rudy Willingham, Brittany Broski, and Lil Nas X. Coinbase, a prominent exchange of cryptocurrency, disclosed its intentions to construct a marketplace for NFTs which would at first support ERC-1155 and ERC-721. FTX, another such platform, recently launched Solana (a marketplace of NFTs) for consumers from the US.

 

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