Mastercard, the payments giant, has launched non-fungible tokens (NFTs) in collaboration with Polygon that provide access to the Mastercard Artist Accelerator program, a scheme designed to support emerging musicians. The NFT project highlights Mastercard’s intent to embrace Web3 technologies. The company also unveiled NFTs that give access to the program at the NFT.NYC conference. Until the end of the month, music and Web3 enthusiasts can redeem the Mastercard Music Pass NFT to participate in the program.
The program will include five emerging artists, including R&B soul singer Young Athena, Venezuelan vocalist Manu Manzu, Nigerian-based artist LeriQ, pop sensation Emily Vu, and West Indian hip-hop/pop-soul artist Cocoa Sarai. As part of the program, the artists will receive mentorship and tips on using blockchain technology to monetize their work, build their fan base within the Web3 environment, and access an artificial intelligence (AI)-powered music studio by Warpsound that will help them with content creation.
Mastercard has expressed its commitment to support the growth of blockchain technology by helping people and partners worldwide to better understand blockchain and digital assets. It believes that Web3 has the potential to create powerful connections and build communities around shared passions. The company launched its first NFT offering in June 2022 in collaboration with Moonpay, Nifty Gateway, Candy Digital, The Sandbox, Immutable X, Spring, and Mintable to offer NFTs to cardholders.
The use of NFTs to support emerging artists and musicians has gained traction in recent years. Many see NFTs as a way to bring more value to the art industry, as well as to provide artists with a new way to monetize their work. The trend has also spread to music, where NFTs can be used to give fans exclusive access to behind-the-scenes content or other special privileges.
Overall, the use of NFTs provides musicians with another opportunity to monetize their work, build their fan base, and develop their brand within the Web3 environment. As more musicians and artists embrace blockchain technology, it is likely that the use of NFTs will become even more widespread. Mastercard’s latest project highlights its commitment to supporting emerging artists and helping them to thrive in an increasingly digital world.