Mastercard, is launching a web3-focused incubator to help artists connect with fans through a new medium.
After unveiling a Polygon-based accelerator program to aid musicians in advancing their careers via Web3, global payments giant Mastercard is increasing its exposure to blockchain technology once again.
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. The post reads.
“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 is also offering 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. Polygon Studios CEO Ryan Watt made the following observation 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.”
Polygon appears set to become a focal point for Web3 applications with a musical theme. On December 6, it was revealed that Warner Music Group, a major player in the world of entertainment, has teamed up with Polygon Studios, LGN.io, and e-commerce and interactive platform builder to create LGND Music, a Web3 music platform.
Users of the site will be able to stream music, amass, and exchange music NFTs once it launches later this month. Mastercard has been expanding its presence in the blockchain and cryptocurrency industries.
Mastercard and Coinbase partnered in January 2022 to make it possible to use Mastercard cards to buy NFTs on Coinbase’s marketplace. Midway through October 2022, Mastercard and Paxos collaborated to make it possible for banks to provide their clients with cryptocurrency trading and related services.
The same month, it was reported that the global payment technology had introduced a tool to help banks identify and stop fraud on cryptocurrency merchant platforms connected to its network