Approximately 50 million artists, musicians, and creators of all kinds produce content as a full-time or part-time source of income right now1. The creator economy is one of the fastest-growing categories of small business3, with an estimated market size of more than $100 billion.
To assist promote this growth, Visa announces the Visa Creator Program , a program that intends to enable digital-first artists, singers, fashion designers, and filmmakers grow their small businesses by using non-fungible tokens (NFTs). Each training cycle will support a limited number of entrepreneurs who want to learn more about the technologies and platforms that drive NFT commerce.
Creators will also receive one-time income in the form of a stipend to help them build their businesses. Visa will also assist them in connecting with a bigger network of creators and exchanging ideas.
NFTs, according to Cuy Sheffield, Visa’s head of Crypto business, can be a tremendous accelerator for the creator economy. Visa has been researching the NFT ecosystem and its potential influence on online commerce, retail, and social media, according to him.
“We aim to enable this new breed of small and micro companies tap into new mediums for digital commerce through the Visa Creator Program,” he added.
One of the fastest growing categories of small business is the creator economy. According to Kalaari Capital, the global creator economy will be worth $104.2 billion in 2021. There are 80 million creators and knowledge professionals in India.
Visa has a number of schemes in place to assist small businesses. For example, through the She Next program, the organization has provided funding and business training to women-led small enterprises.
For digital artists and innovators, NFTs have emerged as a new source of money. In India, a number of actors, musicians, and artists have coined NFTs of their work and sold them on NFT marketplaces. In the recent few months, a slew of new marketplaces and platforms have popped up in India to assist developers in minting and selling NFTs. The global NFT industry generated over $23 billion in transactions in 2021, according to crypto-analysis platform DappRadar.