Mastercard, a Nevada-based consumer electronics company, announced Friday, at the Consumer Electronics Show, in Las Vegas that it will launch its new products using the Polygon blockchain. Mastercard Artist Accelerator.
This program will help musicians learn how to grow their brand through NFTs, online presence building, and community-building. Mastercard did not reveal who would participate in the accelerator but said that the accelerator will conclude later this year with an artist showcase.
Mastercard states that the goal is to create a place for music content creation, collaboration and ownership. Mastercard uses the accelerator to connect musicians worldwide with mentors on Web3.
“Kicking off in spring 2023, the Mastercard Artist Accelerator will prepare five emerging artists—such as musicians, DJs, producers—with the tools, skills, and access to forge their own musical paths in the digital economy,” Mastercard said in a press release.
According to Mastercard, the accelerator will include a limited edition NFT called “The Mastercard Music Pass,” which the company says will give holders access to exclusive music educational materials, unique resources, and other physical and digital experiences.
NFTs are blockchain-based tokens that can be linked to digital or physical content. They provide proof of ownership and authenticity as well as membership in a particular group. In the past, NFTs were a side hustle for musicians.
A collection of visual art was sold by Grimes, singer and songwriter, for more than $6 million in March 2021. EDM musician 3LAU earned $11 Million that same month after selling an album in 33 separate NFTs. Famously, DJ Steve Aoki said last February that NFTs were more profitable than the 10 years of advances he received from his music.