According to Mastercard, the payments company has announced non-fungible tokens (NFTs) that provide users access to the Mastercard Artist Accelerator program, designed to support up-and-coming musicians. The NFT effort, which was created in partnership with Polygon, demonstrates Mastercard’s intention to adopt Web3 technology.
Mastercard Ventures Deeper Into NFT Space With Second Offering
In January, Mastercard revealed a collaboration with Polygon to assist up-and-coming artists through the Mastercard Artist Accelerator program during the NFT.NYC conference, the company revealed NFTs that provide entrance to this program. On Wednesday, the company announced that music enthusiasts and Web3 enthusiasts can redeem Mastercard Music Pass NFTs until the end of the month.
The participating performers were not made public when Mastercard announced the music artist program since they had yet to be selected. The chosen performers are West Indian hip-hop/pop-soul artist Cocoa Sarai, Venezuelan vocalist Manu Manzu, Nigerian-born artist LeriQ, and R&B soul singer Young Athena. According to Mastercard, these musicians will receive advice from five industry professionals and have access to a Warpsound music studio that uses artificial intelligence (AI).
According to a statement from Mastercard, artists who redeem the Music Pass NFT can receive assistance in creating content, mentorship, and guidance on utilizing blockchain technology to monetize their work and cultivate a fan base within the Web3 ecosystem. Fans can claim the NFT until the end of the current month. This initiative marks Mastercard’s second NFT offering since June 2022, when the company partnered with several firms, including Moonpay, Nifty Gateway, Candy Digital, The Sandbox, Immutable X, Spring, and Mintable, to offer NFTs to its cardholders.
Raja Rajamannar, the President and Chief Marketing and Communications Officer of Mastercard, expressed that the company’s aim is to assist people and its partners globally in gaining a better understanding of blockchain and digital assets while also showcasing how Mastercard technology can facilitate this ecosystem. The Mastercard executive further emphasized that Web3 has the potential to meaningfully bring people together and foster communities around common interests.