The Web3 musician accelerator program, which aims at informing those in the music industry about the opportunities that the Web3 technology might present them, also promises that the program will assist five up-and-coming artists in creating and managing their brands in the Web3 area.

Mastercard’s active involvement in the crypto industry

Mastercard has been expanding its presence in the blockchain and cryptocurrency industries. As a part of its fintech accelerator, Mastercard, the leading provider of global payments, has continued to assist cryptocurrency and blockchain entrepreneurs. 

To encourage the adoption of cryptocurrency and blockchain technologies, Mastercard announced on November 3 that it had selected seven additional industry startups for the company’s Start Path program.

Mastercard noted that one of the key objectives of the selected startup organizations was to close the gap between Web2 and Web3, simplify access to digital assets, promote communities for creatives, and enable individuals to develop for the future using Web3 technology.

It has also partnered with Paxos to introduce a new program in the middle of October that enables banks to provide their clients with cryptocurrency trading tools and services and also with Coinbase exchange in January 2022 to enable Coinbase NFT users to use Mastercard’s cards to purchase NFTs on the Coinbase marketplace.

Also in October, MasterCard introduced a tool to help banks identify and stop fraud on cryptocurrency merchant platforms connected to its network.

Mastercard increases exposure to blockchain technology

The world’s largest payments platform, is increasing its exposure to blockchain technology once again. In a blog post published on the 7th of January, 2022, the company launched the “Mastercard Artist Accelerator” initiative, stating that from this spring, it will pair five up-and-coming musicians from across the world with outstanding mentors and a vibrant fanbase who can help them build their brands in the Web3 music area.

“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 blog post says.

We’re excited to grow our music footprint with the launch of the #Web3-based Mastercard Artist Accelerator, announced today at #CES! The new platform will help emerging artists pursue their passion and accelerate their music careers. 🎶 https://t.co/ckwiqCV3Ob

— Mastercard News (@MastercardNews) January 6, 2023

Later in the year, “a live streamed artist showcase” will serve as the grand finale of the program. MasterCard also noted that fans weren’t left out in this innovation, as it is introducing a limited edition non-fungible token (NFT) collection dubbed the “Mastercard Music Pass.” This pass will supply holders with instructional musical materials and special resources through brand partnerships both in the metaverse and in real life. This will aid fans and also budding artists in learning alongside artists about the Web3 integrations with the music industry. 

Polygon, the center for Web3 music-themed initiatives 

Mastercard noted that it is using the “Mastercard Artist Accelerator” to increase access and boost connections through cutting-edge Web3 technology. It offers resources that help inform customers on how to participate while also demonstrating the value of businesses embracing this new idea. 

Raja Rajamannar, the Chief Marketing and Communications Officer of Mastercard, said:

“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.”

In a statement made in conjunction with the news, Ryan Watt, CEO of Polygon Studios, said:

“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.”

In recent news, Polygon seems to be well-positioned to develop as a center for Web3 initiatives pertaining to music. On December 6, it was revealed that Warner Music Group, a major player in the worldwide entertainment industry, has entered into a partnership with Polygon Studios and LGN.io to create LGND Music, a Web3 music platform. The site, which is set to launch later this month, will let users stream music, amass, and exchange music NFTs.