Mastercard announced a partnership with Polygon for a web3-focused incubator program.
Mastercard Artist Accelerator
Mastercard has unveiled the “Mastercard Artist Accelerator” program, a Web3-based initiative aimed at supporting music artists in the digital world.
Starting this spring, the program will provide five artists – such as musicians, DJs and producers – with the tools and skills needed to establish their brand and create music within Web3.
📢ANNOUNCED AT CES📢
@Mastercard will launch the Mastercard Artist Accelerator #onPolygon👉🏾a Web3-based, fan-driven initiative to develop and launch emerging musical artists in the digital economy 🎵 💳https://t.co/oEK7g29XyH pic.twitter.com/D5kRZRtPU4
— Polygon (Labs) (@0xPolygonLabs) January 6, 2023
As part of the program, participants will learn how to coin NFT, present and represent themselves within the metaverse and interact with virtual communities.
While the Mastercard Artist Accelerator will focus on supporting selected artists, it will also open doors for fans: an NFT Mastercard Music Pass will give them access to Web3 x Music educational materials, as well as exclusive experiences, both in person and in virtual reality.
According to Raja Rajamannar, Mastercard’s director of marketing and communications, participants will be taught how to mint non fungible tokens (NFTs) and present themselves in virtual worlds as they build their communities.
Mastercard’s incubator project seeks to equip artists with skills that will help them build their web3 careers during and long after the program.
“The core of this program is to provide emerging artists with the web3 tools and skills they need to excel and advance their music careers in this digital economy,” explained Rajamannar
At the end of the program, artists will be able to create music NFTs, among other things, and store them on web3. “We see great promise for artists and creators to create, own and monetize their content, but only if they know how to leverage it,” Rajamannar added.
The low gas commissions and scalability of the Polygon chain were important factors in Mastercard’s decision to use it for the NFT pass and empower artists on the web3.
We’re excited to grow our music footprint with the launch of the #Web3-based Mastercard Artist Accelerator, announced today at #CES! The new platform will help emerging artists pursue their passion and accelerate their music careers. 🎶 https://t.co/ckwiqCV3Ob
— Mastercard News (@MastercardNews) January 6, 2023
Mastercard and Web3
Last June, it partnered with Coinbase and Web3 order NFT marketplaces and vendors to allow users to purchase NFT using their Mastercard cards.
In July, Mastercard partnered with the City of Miami, TIME and Salesforce to launch a new NFT initiative to generate revenue for local businesses and nonprofits.
Global record producer and distributor Warner Music Group has already made inroads in this space with multiple deals dating back to early 2021.
Then, the company partnered with digital fashion design company DRESSX to allow select WMG artists to design various fashion items and sell them to their fans as NFTs.
More recently, in November, Mastercard filed a trademark application to provide security services related to crypto transactions.
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