Mastercard Launches Web3 Musician Accelerator With Polygon

Following the launch of a Polygon-based accelerator program intended to support artists in the development of their careers through Web3, the global payments company Mastercard is increasing the amount of publicity it gives to the technology underlying blockchains.

The company made the announcement on their blog on January 7 regarding the Mastercard Artist Accelerator program. According to the post, the program will begin in the spring of this year, and it will pair five upcoming musicians from different parts of the world with mentors who will assist them in establishing their brand within the Web3 music space.

Mastercard will also be releasing a collection of non-fungible tokens (NFTs) called the Mastercard Music Pass, which will be available to people who aren't selected to participate in the program.

By supplying hodlers with educational materials and resources that are one of a kind, the mission of this project is to help aspiring musicians learn about the connections that Web3 has with the music industry. These will be made available through partnered brand initiatives.

Along with the announcement, Ryan Watt, Chief Executive Officer of Polygon Studios, provided a statement for the audience. In it, he mentioned that Web3 has the potential to enable a new type of artist, one that can build a fanbase, make a living, and introduce novel mediums for self-expression and connection on their own terms. He was referring to an artist who can do all of these things on their own terms. Polygon has the potential to become a hub for Web3 projects that are related to the music industry.

Through a collaboration between Warner Music Group, Polygon Studios, and the e-commerce and interactive platform builder LGN.io, a Web3 music platform that goes by the name LGND Music was developed.

Later on in the month, users will be able to access the platform, which will give them the ability to play music as well as collect, trade, and sell music NFTs.

Recent months have seen Mastercard exert significant effort toward expanding its presence in the blockchain and cryptocurrency industries.

Because of a partnership that was established between Mastercard and Coinbase in January of this year, customers are now able to use their Mastercard credit or debit cards to buy non-fiat currencies through the online marketplace operated by Coinbase.