Mastercard is launching an accelerator program this spring that seeks to help emerging artists establish themselves in Web3. The targets are new musicians, producers, and DJs. Artists will learn how to create profiles utilizing Web3 experiences. Those who join the program can expect to learn how to mint NFTs and engage with virtual communities through live performances in the metaverse.
Additionally, fans can engage with the space through the Mastercard Music Pass. This is an NFT that gives access to Web3 music, educational material, and other related resources.
The program was announced at the recent Consumer Electronics Show (CES) and will be powered by Polygon, a highly scalable blockchain. The program follows other Mastercard efforts to develop the NFT and Web3 space. In the past, the payment processing giant has sponsored the Grammy Awards and the BRIT Awards.
Overall, the initiative bonds well with its bigger objective for NFTs. It aims to help people buy these digital collectibles without using crypto, thus the company has dived into consultation. Mastercard also partnered with several top NFT platforms to widen its Web3 base.
Mastercard Accelerator is the latest Web3 focus on the music industry
Mastercard’s accelerator program isn’t the only Web3 initiative focusing on the music industry. Given the underlying technology, NFTs hold great importance to artists, and the music industry has openly embraced the technology.
In the past year, there have been several collaborations between various stakeholders within the music industry. All seek to explore the full power of NFTs and the metaverse. For example, Universal Music recently created a music group that consists of four Bored Ape Yacht Club characters.
Last August, during the MTV Awards, Snoop Dogg and Eminem performed as BAYC NFT characters in the Otherside metaverse. And in December, Warner Music Group partnered with Polygon and LGND.io to bring forth a platform that sells songs as NFTs. The initiative was part of a growing consensus about the need to build communities for artists in different mediums.