By Michael Scott
Mastercard launching Polygon-backed web3 artist accelerator. Mastercard’s spokesperson in the Las Vegas edition of Consumer Electronics Show revealed plans to utilize polygon blockchain technology to facilitate musical artists’ optimization products in the Web3 ecosystem. The Mastercard’s official indicated that Polygon would enable artists to mint NFTs.
Tapping Web3 Capabilities
The spokesperson utilized the January 7 event to restate Mastercard’s interest in empowering artists to leverage web3 capabilities and expand their brand image. In its address, Mastercard indicated that the program design would enable artists to establish an online presence and community.
The Mastercard’s official failed to clarify the participants within the acceleration program. However, the accelerator program is set to end later in 2023.
The company pointed out that the program will end with a live-streamed event where artists showcase their products.
Mastercard aims to establish space within the web3 ecosystem where artists can nurture their talents in music content creation. As such, the company’s spokesperson targets the inclusion of mentors hosted on Web3 for artists to connect with the worldwide audience.
Participation in the Mastercard’s Accelerator
Besides music content creation, the accelerator aims at facilitating collaboration and ownership. The statement conveyed during the Nevada event indicated that the acceleration targets a holistic platform featuring producers and DJs. As such, it prioritizes offering tools, access, and mentorship channels to nurture their skills to help artists forge paths for their music profession.
A subsequent press release by Mastercard showed that the accelerator would start in Spring to front five emerging artists.
The press release disclosed the inclusion of a limited non-fungible token identified as The Mastercard Music Pass. It added that holders access physical, unique digital experiences and music education resources considered exclusive.
Viability of NFTs in Mastercard
Explaining the accelerator objective, the company’s spokesperson portrayed NFTs as blockchain-based tokens integrating digital to physical content. In addition, NFTs yield proof of ownership and membership besides authenticity.
The awareness of the past lucrative capability of NFT to musicians drives Mastercard’s artist accelerator. In particular, songwriter Grimes earned $6 million from visual art in March 2021.
Also, 3LAU EDM musicians realized $11 million in the same month after disposing of a single album as personalized NFTs. DJ Steve Aoki would, in February 2021, admit NFTs earning him more revenue than the advances received from music in the last ten years.
Editorial credit: rafapress / Shutterstock.com