coingeek.com
Payment giant Mastercard (NASDAQ: MA) has announced the launch of an accelerator program for musicians only accessible via non-fungible tokens (NFTs).
The company disclosed via a blog post that the artist accelerator program is designed to give musicians and fans unrestricted access to educational experiences and “priceless experiences to boost creativity for music artists.” However, interested parties can only interact with the features via Mastercard Music Pass NFT that embodies Mastercard’s unique design principles.
Users have until the end of the month to redeem the digital collectibles to enjoy the offerings. Blockchain technology infrastructure provider Polygon was onboarded to assist in creating the 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 in connecting people and building communities around shared universal passions,” Raja Rajamannar, Mastercard’s Chief Marketing and Communications Officer, said.
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 remarked that the program “will give emerging artists the tools and capabilities they need to thrive in this tech-driven era.” The program will be investing significantly in Web3 educational materials as part of its quota for developing the creator economy.
The payment giant has a storied affinity with 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 streak of partnerships with blockchain-based firms over the years.
No more Web3 partnerships
In February, Mastercard announced that it would be halting the announcements of new Web3 partnerships following the implosions that rattled the industry.
Visa (NASDAQ: V) followed in Mastercard’s path in shelving further Web3 collaborations saying that the failures are proof that digital assets have a long way to go before becoming a “part of mainstream payments and financial services.”
However, a Reuters report noted that both firms could make partnership collaborations when clear regulatory frameworks are implemented and market conditions improve. Since the collapses, regulators have been scrambling to launch tighter rules to protect investors from bad actors in the space.