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Mastercard Has Launched a New Program to Assist Artists in Leveraging Blockchain-Based Technology

Using Web3 technologies on the Polygon blockchain, the Mastercard Artist Accelerator program will break new ground for young artists.

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The Mastercard Artist Accelerator was created in cooperation with Polygon Studios to help five aspiring musicians use blockchain-based technologies.

The financial services company said on Friday that the Mastercard Artist Accelerator will make its world debut at the 2023 CES in Las Vegas. The initiative will assist five aspiring artists in navigating the sometimes perplexing realm of blockchain-based technology. It will also assist them in connecting with mentors, fans, and technical resources.

The company announced that its future web3-based music offering would launch in the spring. It will contain a unique training technique that will teach artists how to establish and own their brand through web3 experiences. They will learn how to create NFTs, represent themselves in virtual environments, and build an active community. Fans will also have access to rare resources in real life and the metaverse with the Mastercard Music Pass, a limited-edition NFT.

The Mastercard Music Accelerator is being developed in cooperation with Polygon Studios, a blockchain platform.

Artist Accelerator will link musicians with their followers as they work.
The Artist Accelerator will connect musicians with their fans as they earn a living.

Since the outbreak, artists, particularly those with less experience, have had to develop new methods to communicate with audiences and earn a living. Since then, Web3 has emerged as a disruptive force in the music business. NFTs, for example, have enabled many artists to provide their fans with exclusive experiences and goods without having to cope with the often exploitative contractual obligations imposed by labels and other third-party middlemen.

Mastercard’s investment in Artist Accelerator is part of the company’s commitment to assisting people in discovering their interests.
Music is a worldwide passion, according to Raja Rajamannar, chief marketing and communications officer at Mastercard, and connecting people to their interests has been Mastercard’s purpose for years. So investing in this program was a logical way for the corporation to attain this goal.

If artists and producers understand how to use web3, it opens up vast opportunities for them to create, own, and sell their work. NFT, for example, can help them realize their financial potential. Mastercard believes that if AR, NFTs, and blockchain are effectively applied, they will continue to gain traction. If aspiring artists have the talents and competence to create NFTs, they can support their professions.

Mastercard’s other web3 initiatives

Mastercard had already entered the web3 area with its Crypto Source initiative and relationship with Coinbase. In October, the business announced Crypto Source, a platform meant to help banks in providing cryptocurrency services to clients. Mastercard also announced a cooperation with the bitcoin trading platform Coinbase in early 2022. The partnership’s goal was to allow consumers to utilize Mastercard cards to purchase NFTs through Coinbase’s NFT marketplace.

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