Mastercard, the global payments giant, is expanding its exposure to blockchain technology after it announced a Polygon-based accelerator program that will help musicians develop their careers via Web3.
In a blog post on Jan. 7, the firm announced the “Mastercard Artist Accelerator” program. outlining that from this spring, it will connect five emerging musicians from across the globe with mentors that will help them set up their brand in the Web3 music space.
“The artists will be granted exclusive access to special events, music release and more. The post explains that the curriculum is unique and will help artists build their brand (and own it) through Web3 experiences such as minting NFTs, representing them in virtual worlds, and creating an engaged community.
The program will end with an artist showcase live streamed later in the calendar year.
We’re excited to grow our music footprint with the launch of the #Web3Today, Mastercard Artist Accelerator announced in London. #CES! The platform will enable emerging artists to follow their passions and propel their music careers. https://t.co/ckwiqCV3Ob
— Mastercard News (@MastercardNews) January 6, 2023
Mastercard also launched a non-fungible token (NFT), collection called “Mastercard Music Pass” that will be available to those not selected for the program. Through brand collaborations, the goal is to provide hodlers educational materials and “unique resource” to help budding musicians understand the Web3 integrations with music.
Commenting as part of the announcement, Polygon Studios CEO Ryan Watt noted that “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 primed to be a hub of music-related Web3 projects. Cointelegraph reported on Dec. 6 that Warner Music Group, a global entertainment company, had partnered Polygon Studios with LGN.io (e-commerce platform and platform builder), to create a Web3 music platform called LGND Music.
The platform will launch in the middle of February and allow users to stream music as well as collect and trade NFTs.
Related: Mastercard adds seven blockchain startups to its crypto accelerator
Mastercard is actively involved in the crypto and blockchain sectors. Mastercard and Coinbase joined forces in January 2022 to make it possible for Mastercard cards, which can be used to purchase NFTs from Coinbase’s marketplace.
Mastercard and Paxos partnered in October 2022 to enable banks to offer cryptocurrency trading to their customers.
While in that same month, Cointelegraph also reported that Mastercard had launched a crypto fraud protection tool enabling banks to find and prevent fraud on crypto merchant platforms within its network.