Mastercard has announced the launch of its non-fungible tokens (NFTs) that grant access to the Mastercard Artist Accelerator program, designed to support emerging musicians. The NFT project was developed in collaboration with Polygon, highlighting Mastercard’s intent to embrace Web3 technologies. This marks the company’s second NFT offering since June 2022 when it collaborated with Moonpay, Nifty Gateway, Candy Digital, The Sandbox, Immutable X, Spring, and Mintable to provide NFTs for cardholders.
During the NFT.NYC conference, the company unveiled NFTs that provide entry to the Mastercard Artist Accelerator program. “Until the end of the month, music and Web3 enthusiasts can redeem Mastercard Music Pass NFT,” the company stated on Wednesday. When unveiling the music artist program, Mastercard did not reveal the participating musicians, as they had not been chosen yet. The selected artists are R&B soul singer Young Athena, Venezuelan vocalist Manu Manzu, Nigerian-based artist LeriQ, pop sensation Emily Vu, and West Indian hip-hop/pop-soul artist Cocoa Sarai.
Mastercard notes that these artists will receive guidance from five experts and access to an artificial intelligence (AI)-powered music studio by Warpsound. “[The artists can] kickstart their content creation, obtain mentorship, and acquire tips for using blockchain to monetize their work and build a fan community within the Web3 environment,” elaborated Mastercard’s announcement. Fans can redeem the Mastercard Music Pass NFT until the end of this month.
Raja Rajamannar, Mastercard’s chief marketing and communications officer and president, stated that the company’s goal is to help people and partners worldwide understand blockchain and digital assets better while also demonstrating how Mastercard technology can support this ecosystem. “We also believe that Web3 has the potential to powerfully connect people and build communities around shared passions,” added the Mastercard executive.
The use of NFTs to support emerging artists and musicians has been a topic of debate in the art world. While some see it as an opportunity for artists to monetize their work and gain exposure, others argue that it is a speculative bubble that benefits only a select few. However, Mastercard’s initiative seems to be focused on providing practical support to artists, rather than just creating a market for their work.
The Mastercard Artist Accelerator program aims to provide artists with the skills and resources they need to succeed in the music industry. By providing access to experts, mentorship, and a state-of-the-art music studio, Mastercard is giving artists the tools they need to create and monetize their work. The use of blockchain technology also allows for greater transparency and accountability, ensuring that artists are fairly compensated for their work.
Overall, Mastercard’s NFT project is a positive step towards supporting emerging artists and musicians. By embracing Web3 technologies and providing practical support to artists, Mastercard is demonstrating its commitment to the creative community. As the use of NFTs continues to evolve, it will be interesting to see how they are used to support a wider range of artists and creatives in the future.