Mastercard accelerator program for musicians is run by NFTs

Mastercard accelerator program for musicians is run by NFTs

Payments giant Mastercard (NASDAQ: MA ) has announced the launch of an accelerator program for musicians accessible only via non-fungible tokens (NFT).

The company revealed via a blog post that the artist accelerator program is designed to provide musicians and fans with unlimited access to educational experiences and “invaluable experiences to enhance the creativity of music artists.” However, interested parties can only interact with the features via the Mastercard Music Pass NFT which embodies Mastercard’s unique design principles.

Users have until the end of the month to redeem the digital collectibles to enjoy the offers. Blockchain technology infrastructure provider Polygon joined to help create NFTs to draw attention to “the digital transformation happening in music.”

“As a company, we hope to help people and partners around the world better understand and trust how blockchain and digital assets are used – and how our technology can support the ecosystem. We also believe that Web3 can be a powerful tool for connecting people and building communities around shared universal passions,” said Raja Rajamannar, Mastercard’s Chief Marketing and Communications Officer.

Five artists have been selected to document their experiences in the Accelerator program, including Nigerian-based LeriQ and Brooklyn-bred Cocoa Sari. The selected artists will receive mentorship from music experts on the best ways to leverage blockchain to monetize their art and grow their fan base.

Mastercard noted that the program “will give emerging artists the tools and abilities they need to thrive in this technology-driven era.” The program will invest significantly in Web3 teaching materials as part of the quota for developing the creative economy.

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The payments giant has a strong affinity for the music industry, famously sponsoring the Grammy, Latin Grammy, BRIT Awards and music festivals in the metaverse. Aside from its deep roots in music, Mastercard has earned its stripes in Web3 following a series of partnerships with blockchain-based firms over the years.

No more Web3 partnerships

In February, Mastercard announced it would stop announcing new Web3 partnerships following the implosions that rocked the industry.

Visa (NASDAQ: V ) followed Mastercard’s lead in scrapping further Web3 collaboration, saying the failures are proof that digital assets have a long way to go before they become a “part of mainstream payments and financial services.”

However, a Reuters report noted that both firms may enter into partnership cooperation once clear regulatory frameworks are implemented and market conditions improve. Since the collapses, regulators have scrambled to roll out tighter rules to protect investors from bad actors in the space.

See: Making it easy for creators to make money – using the BSV blockchain

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