Global payments giant, Mastercard has announced its latest Web3 program through its partnership with the decentralized Ethereum scaling platform, Polygon.
The two companies are launching an accelerator project for music artists. The Mastercard Artist Accelerator will effectively utilize Web3 tools on the Polygon network to help artists connect with one another as well as mentors and fans.
The emergence of a market where entertainment and Web3 meet is becoming more popular by the day and the Mastercard Artist Accelerator program is an example of how the two industries can capitalize on decentralization to transform how music content creation, collaboration, and ownership.
According to Mastercard, the program will start in the spring of 2023, around March 2023. Mastercard noted in its press statement, “The Mastercard Artist Accelerator will prepare five emerging artists such as musicians, DJs, and producers with the tools, skills, and access to forge their musical paths in the digital economy.”
“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,” the statement further read.
In addition, the Mastercard Artist Accelerator is designed as a space for creators to come together and grow their music communities, the program also invites fans to have a seat at the table.
According to Mastercard, the Mastercard Music Pass, a limited edition NFT, will give holders access to the exclusive Web3 x Music educational materials, unique resources through our collaborations, and priceless experiences in real life and the metaverse.
The payments giant stated, “With this token, fans can join the platform and learn alongside artists to sharpen their own tools and knowledge of the space.”
Commenting on the new project, Raja Rajamannar, Mastercard’s Chief Marketing, and Communications Officer said, “Music is a universal passion, inspiring us, moving us, and bringing us together; however, it can feel impossible for budding artists to break in. With the Mastercard Artist Accelerator, we are expanding access and driving connections further with cutting-edge Web3 technology.”
“Our vision is to bridge passion and purpose, spotlighting amazing emerging artists and creating an interactive community that allows participants to learn, experiment, and grow together,” he added.
Ryan Wyatt, CEO of Polygon Studios also commented, “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.”
“The Mastercard Artist Accelerator not only shows the power of brands embracing this new space, it provides tools that can educate consumers on how to participate. This is an important step forward in opening up the benefits of Web3 to more people,” he added.
Mastercard is one of the largest payment companies in the world with 249 million Mastercard credit cards in the U.S. and 725 million cards in the rest of the world at the end of March 2021. Polygon is a blockchain platform that allows developers to build scalable dApps and at a lower cost. It was released in 2017 using the proof of stake consensus mechanism.