Mastercard said on Friday at the Consumer Electronics Show in Las Vegas, Nevada, that it will launch the Mastercard Artist Accelerator using the Polygon blockchain.
The program is intended to educate musical artists how to develop their brands by issuing NFTs, establishing an online presence, and forming a community. Mastercard has not yet announced who will participate in the accelerator, but the corporation has stated that the program will conclude with a live-streamed artist presentation later this year.
Mastercard aims to provide a space for music content production, collaboration, and ownership by connecting Web3 artists from around the world with mentors.
“Kicking off in spring 2023, the Mastercard Artist Accelerator will prepare five emerging artists—such as musicians, DJs, producers—with the tools, skills, and access to forge their own musical paths in the digital economy,” Mastercard said.
According to Mastercard, the accelerator will contain a limited edition non-fungible token called “The Mastercard Music Pass,” which will provide holders with access to rare educational materials, unique resources, and other physical and digital experiences.
NFTs are blockchain-based tokens that provide proof of ownership, authenticity, or group membership for digital and physical information. In the past, NFTs have also been a lucrative side activity for performers.
In March of 2021, Grimes sold a collection of visual art for more over $6 million. In the same month, 3LAU earned $11 million by selling an album as 33 individual NFTs. DJ Steve Aoki infamously stated in February of last year that he earned more money from NFTs than he did in ten years of music advances.