Mastercard launches ‘artist accelerator’ for the web3 music industry
Mastercard, the global payments giant, is launching a new accelerator program to help musicians build their careers in the Web3 music space.
Mastercard launches ‘artist accelerator’ program on Polygon
Mastercard is expanding its blockchain-related initiatives once again by launching a new accelerator program to help musicians improve their web3 careers. The program, called the “Mastercard Artist Accelerator”, will connect five emerging musicians from around the world with mentors who will help them establish their brand in the Web3 music industry.
In a recent announcement by Polygon, the company noted that the accelerator will “harness Web3 technologies on the Polygon blockchain”. Polygon Studios CEO Ryan Watt commented on the announcement, saying 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 is becoming a hub for Web3 music projects, as global entertainment company Warner Music Group recently announced a partnership with Polygon Studios and LGN.io to build a Web3 music platform called LGND Music. Not only that, but Sandeep, Polygon’s co-founder, has recently stated that the project will prioritize NFTs moving forward.
The selected artists will have access to exclusive events, music releases, and a unique curriculum that will teach them how to build and own their brand through the use of Web3 technologies such as NFTs, virtual worlds, and community engagement. The program will culminate in a live-streamed artist showcase later in the year.
In addition to the accelerator program, Mastercard is also launching an NFT collection called the “Mastercard Music Pass” for those not selected for the program. This collection will provide educational materials and unique resources through brand collaborations to help aspiring musicians learn about the integration of Web3 technologies in the music industry.
Mastercard’s previous involvement in the cryptocurrency and web3 space
This is not the first time that Mastercard has delved into the cryptocurrency industry. Back in January 2022, the credit card giant announced a partnership with the popular digital asset exchange, Coinbase. The partnership made it possible for customers to use Mastercard credit and debit cards to purchase NFTs on the Coinbase marketplace.
The collaboration aimed to simplify the process of buying an NFT removing barriers in the adoption process and making the technology more accessible. Acquiring an NFT often requires users to buy cryptocurrency through an exchange and then use it to purchase the NFT through an independent marketplace, which can discourage first-time users.
At the time of the announcement, Mastercard’s Raj Dhamodharan said, “As it does, Mastercard sees even greater potential for NFTs’ underlying tech to go beyond art and collectibles into many more areas.”
This partnership is just one of several that Mastercard has formed with cryptocurrency companies over the years. Additionally, competitor credit card company Visa has also launched several web3 and NFT-related projects, namely during the FIFA World Cup in Qatar. It’s interesting to see legacy digital payment giants exploring the web3 space, as it may point to a smooth transition from traditional finance to DeFi (decentralized finance)