Visa Describes NFTs As Promising Means To Engage With The Fans

Visa now makes a full head plunge into the NFTs following its evaluation of the technology behind the assets. The global payment giant described NFTs as having the potential to serve as the engagement medium for fans. Visa made this description through its recent whitepaper publication. The publication suggests that Visa sees non-fungible tokens as a crucial innovation during the recent pandemic. The publication observed that strict restriction orders cause a limitation to live sports, music festivals, and entertainment. Related Reading | Former DigitalX Executive Appointed As The New Binance Australia CEO The emergence of NFTs came when fans are eager to join digital communities that portray their favorite sports teams and artists. What Will Trigger The Move For NFTs? Professional sports got the hardest blow from the pandemic. There’s an estimation of an $18 billion revenue loss across the major global leagues. Visa envisages that this further pushes for the need for revenue diversification and more focus on technology. This will bring repositioning for more business growth opportunities and gain more fans’ attention and participation. According to the report, NFTs are attractive to fans, leagues, teams, talents, and collectors. It further unveils the peculiarity of the NFTs as the basic sources of fan engagement, fresh revenue streams, and customer relationship management. However, the major utility situations of NFTs s...