(Kitco News) - Mastercard, the second-largest payment-processing corporation worldwide, has launched its Web3-based Mastercard Artist Accelerator program.
According to a press release, the Mastercard Artist Accelerator is designed to help “connect artists from around the world with notable mentors and a dynamic fanbase as they learn and create in Web3.” The program will culminate in a live-streamed artist showcase later in 2023.
Beginning in spring 2023, five emerging artists will be selected by the Mastercard Artist Accelerator. They will be provided with the tools, skills, and access needed to begin forging their musical paths in the digital economy. Each artist will be given exclusive access to special events and music releases.
Also included in the accelerator program is a “first-of-its-kind curriculum [that] 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,” Mastercard said.
For fans, the company is launching Mastercard Music Pass, a limited edition non-fungible token (NFT) that will give holders access to “exclusive Web3 x Music educational materials” and other unique resources that are only available through the collaborations of the Mastercard Artist Accelerator.
“With this token, fans can join the platform and learn alongside artists to sharpen their own tools and knowledge of the space,” the press release said.
“With the Mastercard Artist Accelerator, we are expanding access and driving connections further with cutting-edge Web3 technology,” said Raja Rajamannar, Mastercard's Chief Marketing and Communications Officer. “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.”
The new platform will be hosted on the Polygon network, a layer-two scaling solution for the Ethereum network that offers fast transaction times and low costs.
“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," said Ryan Wyatt, CEO of Polygon Studios. “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.”
Polygon previously partnered with global entertainment giant Warner Music Group and e-commerce and interactive platform builder LGN.io to build a Web3 music platform called LGND Music.
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| Mastercard adds 7 blockchain startups to its Start Path program |
Mastercard continues to be one of the most active multinational financial service providers in the crypto space in recent years.
In October, the firm announced the launch of ‘Crypto Secure’, a new crypto service desk focused on helping banks identify and prevent fraud from occurring on crypto merchant platforms. Later that month, the company launched ‘Crypto Source’, a new program that enables financial institutions to begin offering secure crypto trading services to their customers.
In November, the payment provider added seven new blockchain startups to the Mastercard Start Path program, a six-month fintech accelerator program designed to assist startups with the expansion and commercialization of their products and services. The firm is also taking part in the New York Fed’s 12-week pilot project in collaboration with commercial banks to explore the creation of a digital dollar.
