Key takeaways:
- Visa is joining forces with former MLB player Micah Johnson in order to launch an NFT support program for artists
- Johnson is a prominent digital artist, famous for his creations of an animated black astronaut character named Aku
- NFTs are a hot commodity, trading volume has increased by more than 700% quarter-over-quarter
Financial services giant, Visa, is launching a support program designed to help artists transition to the blockchain space and sell their digital creations in the form of non-fungible tokens (NFTs).
Visa is partnering with former MLB player Micah Johnson to help artists participate in digital commerce
The California-based financial services company is seeking expertise from former Major League Baseball (MLB) player Micah Jonhson, who was at the forefront of the NFT wave. After finishing his professional baseball career in 2018, Johnson has found passion in creating artwork and has quickly ventured into the rapidly growing sector of NFTs. In October 2020, Johnson sold a digital creation of an animated black astronaut character named Aku for over $120,000, which was the second priciest NFT ever sold at the time.
Given Johnson’s experience in creating digital artwork and using NFT medium to monetize its work, Visa has decided to partner with the retired baseball player to develop a program that will give struggling artists an opportunity to “build their own small businesses.” According to Visa’s Head of Crypto Cuy Sheffield “we are at the beginning of a digital renaissance in the world of art and content creation.”
Visa is planning to pick a number of creators from a list of applicants and help them on the journey of learning about the blockchain industry. Johnson is excited to work with Visa and has said that the selected group of artists will be armed with knowledge that will help them navigate the rapidly changing landscape of digital art.
In August, Visa purchased a “CryptoPunk” NFT for $150,000. At the time, the company’s crypto lead said that they “think NFTs will play an important role in the future of retail, social media, entertainment, and commerce.”
NFT space is heating up – Coinbase is getting into NFTs, FTX.US launches Solana marketplace
According to DappRadar, an analytics company that specializes in providing up-to-date cryptocurrency industry data, NFT space generated more than $10 billion in trading volume during Q3 2021. When compared to Q2 2021, trading volume has increased by a staggering 704%.
Yesterday, the largest US-based cryptocurrency exchange, Coinbase, announced it will launch an NFT marketplace and compete with other companies in the space, most notably OpenSea, which is currently by far the largest marketplace. According to DappRadar, OpenSea has accumulated $8.81 billion in trading volume to date, ahead of second-place Axie Infinity’s $2.53 billion.
Coinbase’s exchange competitor, FTX.US, has also expanded its NFT offering by adding 75 Solana-based NFT collections to its marketplace. FTX.US now allows users to partake in trading action of popular unique digital collections, such as Cyber Frogs and Degenerate Ape Academy. The exchange plans on adding Ethereum-based NFTs “soon,” according to FTX.US president.
