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Visa Debuts NFT Support for Meta-Ready Businesses

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Last week, global financial group Visa announced it had launched an NFT creator programme that helps small businesses transition to a digital economy.

The programme concentrates on developing small businesses that want to harness preexisting technologies, including NFTs, cryptocurrencies, and blockchain to secure their future in Metaverse-based eCommerce opportunities.

The Visa Creator Programme invites digital entrepreneurs and innovators from various sectors such as musicians, fashion designers, and filmmakers to create new use cases for NFTs and build up existing companies. Successful applicants will also receive support via Visa’s client list and network of mentors.

The Head of Crypto at Visa, Cuy Sheffield, said in a statement:

“We’ve seen rapid growth in the NFT ecosystem over the past year. We think NFTs represent a new form of e-commerce. NFTs allow someone who’s creative, who’s an artist, who’s talented, to produce a good entirely in a digital way”

According to Sheffield, the Visa Creator Programme will lower the barrier to entry to NFT content creation so individuals and businesses can sell digital assets online efficiently.

In October 2021, Visa kicked off its programme by partnering with Major League Baseball (NLB) star Micah Johnson and digital artist Aku to create an NFT collection consisting of black male astronauts.

Immersive Banking

The new programme does not mark the first financial firm to use immersive solutions to enhance customer and employee satisfaction.

In October last year, the Bank of America became the first global financial services company to adopt virtual reality (VR) training solutions for employees at nearly 4,300 global financial centres.

BoA deployed its training solution to over 50,000 workers, including roughly 20 VR simulations, to upskill workers in customer-facing situations like client and relationship building, navigating difficult discussions, and empathy training.

Despite this, the future of Metaverse-based economies has recently faced scrutiny. after JP Morgan (JPM) launched a virtual bank on Metaverse platform Decentraland in February.

During its launch, many attendees noted navigational and user interface issues, and in a Twitter post, Bo Moon, Chief Business Officer at TWO, described the digital bank as “disappointing” and complained he could not “open a JPM virtual bank account or talk to anyone from JPM.”

 

 

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