Mastercard launches NFT-gated musician accelerator program

Mastercard has been among legacy companies rooted in traditional finance (TradFi) to jump into the Web3 space. The company has been involved with a number of Web3 integrations in recent years.

Most recently on April 12, Mastercard announced its new artist accelerator program, however this time they added a Web3 twist. The program is nonfungible token ($NFT)-gated, therefore is only accessible to holders of its Mastercard Music Pass $NFT.

According to the announcement, the $NFT is a limited-edition and free until the end of the month to both musicians and fans. The program was created in collaboration with Polygon and offers free access to educational materials, unique AI tools and other experiences.

Example of Mastercard Music Pass $NFT. Source: Mastercard

Raja Rajamannar, the chief marketing and communications officer of Mastercard said programs like this are in place to help users “better understand and trust how blockchain and digital assets are used.”

“We also believe that Web3 can be a powerful tool in connecting people and building communities around shared universal passions.”

Mastercard highlighted that it has been a long time supporter and simultaneously an early adopter of Web3 technologies to bring fans and creators more opportunities to create “exclusive, inclusive and scalable experiences.”

Related: Mastercard to settle transactions for stablecoin wallet in APAC

Mastercard has already selected five artists from different genres around the globe to participate in the program. In addition to Web3 technologies the artists will be exposed to a new artificial intelligence (AI)-driven music studio.

This development from Mastercard comes less than two months after both it and Visa announced that they would be pulling back on all new crypto and blockchain partnerships. The financial service providers said that all new launches would be delayed until improved market conditions are visible, along with a more clear and established regulatory framework.

Magazine: Andy Warhol would have loved (or possibly hated) NFTs