Mastercard has partnered with Polygon Studios, the NFT and gaming arm of Polygon network, to launch an accelerator program for emerging music artists. The Mastercard Artist Accelerator will help musicians launch their brand and labels in the Web3 music industry. The program set to go live later this year will also release NFTs that give holders access to exclusive events and releases.
At the Consumer Electronics Show (CES) 2023 held in Nevada, Las Vegas, payment services giant Mastercard announced an incubator program to help emerging musicians launch themselves in the Web3 music space. The company has partnered with blockchain network Polygon (MATIC) to launch the ‘Mastercard Artist Accelerator’.
The Mastercard Artist Accelerator, which kickstarts this spring, will select five emerging artists from around the world “with notable mentors and a dynamic fanbase as they learn and create in Web3”, says the global payments giant. According to a blog post by the company, the incubator includes a first-of-its-kind curriculum that will teach the artists how to build and own their brand by making use of Web3-based experiences like launching NFTs, representing themselves in the metaverse, and establishing a fan community. Musicians will also get exclusive access to special events, song releases and more.
Fans are at the centerstage of the Artist Accelerator program. Mastercard is releasing a limited edition non-fungible token (NFT) collection called the ‘Mastercard Music Pass’, which will give holders and fans the opportunity to join their favourite artists by getting access to exclusive educational material to learn more about the Web3 music industry.
“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,” said Raja Rajamannar, Chief Marketing and Communications Officer at Mastercard.
The payments firm will work with Polygon Studios – the NFT, gaming and metaverse arm of Polygon, to tap into its highly-scalable and sustainable blockchain network to launch the NFTs and music launchpad. According to Ryan Wyatt, CEO of Polygon Studios, the Mastercard Accelerator Program is a way of showing people that powerful brands are not just entering the blockchain space, but also providing tools to educate their consumers on how to become a part of it. “This is an important step forward in opening up the benefits of Web3 to more people,” said Wyatt.
Polygon is looking to become the hub for music and game related Web3 projects. Last month, Warner Music Group teamed up with Polygon Studios and e-commerce platform LGND to launch a blockchain-based music collectible platform called LGND Music. In November 2022, Solana-based NFT marketplace Magic Eden released a launchpad for games built on the Polygon blockchain. Recently, the network partnered with Bermuda-based Jewel Bank to launch the Island nation’s first stablecoin backed by the U.S dollar.
Mastercard is a long-time supporter of the music industry and even sponsors major shows like the GRAMMY Awards, Latin GRAMMY Awards and the BRIT Awards. The Mastercard x Polygon Artist Accelerator will begin later this year with a live streamed artist showcase.
At the time of writing, MATIC is trading at $0.80 – up by 2.7% in the last 24-hours.