- Mastercard has announced the launch of the Artist Accelerator program, a spotlight program for emerging musical artists that will be built on the Polygon blockchain.
- Artists will learn to mint NFTs, build an online presence, establish a community and also gain exclusive access to special events, music releases, and more.
- Mastercard’s move to launch the Artist Accelerator program is an example of how blockchain technology and NFTs are being embraced by mainstream corporations.
Mastercard, one of the world’s leading payment processing companies, has announced the launching of a new spotlight program called the Mastercard Artist Accelerator. The program will begin in spring 2023 and will provide five emerging musical artists with the tools, skills, and access they need to expand their brands through blockchain technology and web3 experiences.
The program will be built on the Polygon blockchain and focus on helping the artists develop their brand through web3 experiences like minting NFTs (non-fungible tokens), representing themselves in virtual worlds, and establishing an engaged community.
The Polygon blockchain was chosen for the project as it is considered one of the greenest blockchain networks, home to thousands of decentralized apps powered by a suite of Polygon solutions. This is just the latest in big-name corporations using Polygon as the blockchain of choice to power their project.
How the Artist Accelerator program will help emerging artists
The music industry is undergoing a major transformation, and the introduction of blockchain technology and NFTs play a significant role in this evolution. They have also been a lucrative side project for musicians in the past. In March 2021, singer and songwriter Grimes sold a collection of visual art as NFTs for over $6 million, and EDM musician 3LAU made $11 million by selling an album as 33 individual NFTs.
Mastercard’s Artist Accelerator program will help the artists learn how to mint NFTs, build an online presence, and establish a community. The program will culminate in a live-streamed artist showcase later in the year, which Mastercard has yet to announce any details about.
The Inclusion of Fans and an Exclusive NFT drop
The program is not just limited to artists. Fans can also join the platform and learn alongside artists to sharpen their tools and knowledge of the space. This creates a community where fans can have a seat at the table and learn more about the new ways the industry is monetizing music content and the process of music distribution.
The company has also stated that the accelerator will include a limited-edition NFT called “The Mastercard Music Pass.” This NFT will grant holders access to exclusive music educational materials, unique resources, and other physical and digital experiences.
Mastercard’s Raja Rajamannar, Chief Marketing and Communications Officer said, “our vision is to bridge passion and purpose, spotlighting amazing emerging artists and creating an interactive community that allows participants to learn, experiment, and grow together.”
This move by Mastercard to launch an Artist Accelerator program shows how mainstream corporations are embracing blockchain technology and web3 in the music industry. It also signifies the growing trend of using blockchain technology to create new ways to monetize music content and give artists more control over the distribution and ownership of their work.
