Users will be able to stream music, amass, and exchange music NFTs on the platform when it launches later this month and a live-streamed artist presentation will serve as the program’s capstone.
The program’s objectives include educating people in the music industry about the opportunities that Web3 technology can provide them and assisting five up-and-coming musicians in establishing and managing their brands in the Web3 realm.
Following the announcement of a Polygon-based accelerator program to assist musicians in launching their careers via Web3, the world’s largest payments company Mastercard is increasing its exposure to blockchain technology once more.
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 in a blog post published on January 7.
“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 post reads.
In addition, Mastercard is introducing a non-fungible token (NFT) collection dubbed the “Mastercard Music Pass” for people who are not chosen for the program. Through brand partnerships, the project hopes to supply holders with instructional materials and “unique resources” to aid aspiring artists in learning about the Web3 integrations with the music industry.
The CEO of Polygon Studios, Ryan Watt, made a statement in conjunction with the news and said that “Web3 has the potential to empower a new sort of artist that can create a fanbase, make a career, and bring fresh media 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, Cointelegraph 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.
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.
Mastercard also introduced a tool to protect against cryptocurrency fraud that enables banks to track down and stop fraud on its network’s crypto merchant platforms in the same month.