Mastercard has been participating in a number of Web3 initiatives in recent years, making it one of many legacy companies established in traditional finance to enter the Web3 space.
Mastercard recently revealed its new artist accelerator program on April 12. This time, however, it included a Web3 twist. Because the program is nonfungible token (NFT)-gated, it is only available to Mastercard Music Pass NFT holders.
The NFT is a limited edition and is offered free to both performers and fans until the end of the month, according to the release. In collaboration with Polygon, the program provides free access to learning resources, distinctive artificial intelligence (AI) tools, and other experiences.
According to Raja Rajamannar, Mastercard’s chief marketing and communications officer, programs like this one are in place to assist users in better comprehending and having confidence in how blockchain and digital assets are used.
Mastercard emphasized that it has been a long-time supporter and early adopter of Web3 technologies in order to provide fans and creators with greater chances to create exclusive, inclusive, and scalable experiences.
Mastercard has already chosen five artists from various genres from around the world to participate in the program. Aside from Web3 technologies, the artists will be introduced to a new AI-driven music studio.
The announcement comes less than two months after both it and Visa announced a halt to all new crypto and blockchain partnerships.
All new launches, according to financial service providers, will be postponed until market conditions improve and a clearer, more established regulatory framework is in place.
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