- Five upcoming artists will receive assistance from the initiative in establishing and maintaining their brands on the Web 3.
- Users can stream music, collect, and exchange music NFTs on the platform when it launches later this month.
Mastercard, a leader in global payments, is increasing its involvement with blockchain technology after announcing a Polygon-based accelerator program to assist musicians in launching their careers on Web3.
According to a press statement from Polygon, the initiative was planned to aid upcoming artists using Web3’s potential for their careers. Additionally, the announcement was scheduled to begin in the spring of 2023.
In a blog post published on January 7, the company unveiled the “Mastercard Artist Accelerator” initiative, describing how, starting this spring, it will pair five up-and-coming musicians from across the world with mentors who can help them build their brands in the Web3 music market. Later in the year, the program will come to a close with a live-streamed artist presentation. The post says:
“The artists will gain exclusive access to special events, music releases and more. A first-of-its-kind curriculum will teach the artists how to build (and own) their brand through Web3 experiences like minting NFTs, representing themselves in virtual worlds and establishing an engaged community,”
For individuals who are not chosen for the program, Mastercard also offers a non-fungible token (NFT) collection dubbed the “Mastercard Music Pass.” Through brand partnerships, it is hoped to supply hodlers with instructional materials and “special tools” to aid aspiring artists in learning about the Web3 integrations with the music industry.
One of the most well-known and recognizable companies in the financial industry, they are now exploring the area of blockchain technology. According to the release, Mastercard is developing an accelerator program for music artists on the Polygon blockchain. The new Web3 protocol aims to link musicians, artists, and fans to collaborate like never before.
Web3 initiatives, including music, will increasingly gravitate toward Polygon. Ryan Watt, CEO of Polygon Studios, made the following comments in connection with the announcement:
“Web3 has the potential to empower a new type of artist that can grow a fanbase, make a living, and introduce novel mediums for self-expression and connection on their own terms.”
Mastercard will instruct artists in various Web 3 procedures, including “minting NFTs, portraying themselves in virtual worlds, and developing an active community.” The Mastercard artist accelerator, on the other hand, “invites fans to have a seat at the table,” according to the press release. Saying, “Fans can join the platform and learn with artists to sharpen their own tools and knowledge of the area,” to be more precise.
The session will conclude with a “live-streamed artist showcase” for those participating. Furthermore, Mastercard is now “on one of the greenest blockchains in existence” because of the partnership between Polygon and Mastercard, and it is also included in a wide range of decentralized apps.
Mastercard has been expanding its presence in the blockchain and cryptocurrency industries. To enable banks to provide cryptocurrency trading and related services to their consumers, Mastercard and Paxos formed a partnership in the middle of October 2022.