Mastercard is launching an artist incubation program for musicians this month, but access is restricted to NFT members only.
Mastercard is one of a number of legacy corporations rooted in traditional finance to enter the Web3 space in recent years, having participated in a number of Web3 initiatives.
Most recently, on April 12, Mastercard announced its new artist accelerator program. However, this time, it added a Web3 twist. The program is nonfungible token (NFT)-gated and therefore only accessible to holders of its Mastercard Music Pass NFT.
According to the announcement, the NFT is limited-edition and free until the end of the month to both musicians and fans. The program was created in collaboration with Polygon and offers free access to educational materials, unique artificial intelligence (AI) tools and other experiences.
Mastercard’s head of marketing and communications, Raja Rajamannar, said that these kinds of programs help people “better understand and trust how blockchain and digital assets are used.”
“We also believe that Web3 can be a powerful tool in connecting people and building communities around shared universal passions.”
Mastercard emphasized that it has been a long-time supporter and an early adopter of Web3 technologies in order to provide more opportunities for supporters and creators to develop “exclusive, inclusive, and scalable experiences.”
Mastercard has already chosen five artists from around the world who work in different styles to take part in the program. In addition to Web3 technologies, the artists will have access to a new music lab that is run by artificial intelligence.
Mastercard’s announcement comes two months after Visa and it declared they will stop all new crypto and blockchain agreements. Financial sector providers stated all new launches would be delayed until market circumstances improve and a clearer regulatory framework is developed.
Content Source: cointelegraph.com