Mastercard is increasing its exposure to blockchain technology once again after establishing a polygon-based accelerator programme to help artists expand their careers through Web3.
The company introduced the “Mastercard Artist Accelerator” initiative in a blog post on Jan. 7, stating that starting this spring, it would link five new artists from across the world with mentors who would help them establish their brand in the Web3 music sector.
“The artists will get access to exclusive events, music releases, and other benefits.” A groundbreaking curriculum will educate artists on how to construct (and control) their brand using Web3 activities such as minting NFTs, representing themselves in virtual environments, and building an engaged community. According to the article,
Mastercard is also offering a non-fungible token (NFT) collection dubbed the “Mastercard Music Pass” for people who were not chosen for the program. Through brand alliances, the goal is to provide hodlers with instructional materials and “unique tools” to enable young artists to learn about Web3 connections with the music business.
Polygon Studios CEO Ryan Watt said as part of the announcement, “Web3 has the ability to empower a new sort of artist that can create an audience, earn a career, and provide innovative media for self-expression and connection on their own terms.”
Polygon seems to be on track to become a hotspot for music-related Web3 initiatives. On December 6 that global entertainment behemoth Warner Music Group has joined with Polygon Studios and e-commerce and interactive platform builder LGN.io to create LGND Music, a Web3 music portal.
The site, which is set to go live later this month, will enable users to stream music as well as acquire and trade music NFTs. Mastercard has been expanding its presence in the blockchain and cryptocurrency areas. Mastercard partnered with Coinbase in January 2022 to let Mastercard cards be used to purchase NFTs on Coinbase’s marketplace.
Mastercard teamed with Paxos in mid-October 2022 to enable banks to provide cryptocurrency trading and associated services to their consumers. In the same month, Mastercard created a crypto fraud prevention solution that would allow banks to detect and prevent fraud on cryptocurrency merchant platforms inside its network.
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