Mastercard partners with Polygon to launch Web3 musician accelerator program

The program will help five emerging artists set up and manage their brands in the Web3 space, and is also aimed at educating people in the music scene on what avenues Web3 tech can offer them.

Global payments giant Mastercard is ramping up its exposure blockchain tech yet again, after announcing a Polygon-based accelerator program to help musicians build their careers via Web3.

The firm announced the "Mastercard Artist Accelerator" program via a Jan. 7 blog post, outlining that from this spring, it will connect five emerging musicians from across the globe with mentors that will help them set up their brand in the Web3 music space.

“The artists will gain exclusive access to special events, music releases and more. A first-of-its-kind curriculum will teach the artists how to build (and own) their brand through Web3 experiences like minting NFTs, representing themselves in virtual worlds and establishing an engaged community,” the post reads.

The program will culminate with a live-streamed artist showcase later in the year.

We’re excited to grow our music footprint with the launch of the #Web3-based Mastercard Artist Accelerator, announced today at #CES! The new platform will help emerging artists pursue their passion and accelerate their music careers. https://t.co/ckwiqCV3Ob

— Mastercard News (@MastercardNews) January 6, 2023

Mastercard is also launching a nonfungible token (NFT) collection called the “Mastercard Music Pass" for those that aren't selected for the program. The aim is to provide hodlers with educational materials and “unique resources” through brand collaborations to help budding musicians learn about the Web3 integrations with the music sector.

Commenting as part of the announcement, Polygon Studios CEO Ryan Watt noted that “Web3 has the potential to empower a new type of artist that can grow a fanbase, make a living and introduce novel mediums for self-expression and connection on their own terms."

Polygon looks primed to become a hub for music-related Web3 projects. On Dec. 6, Cointelegraph reported that global entertainment giant Warner Music Group had partnered with Polygon Studios and e-commerce and interactive platform builder LGN.io to build a Web3 music platform called LGND Music.

The platform is slated to launch later this month and will allow users to stream music and collect and trade music NFTs.

Related: Mastercard adds 7 blockchain startups to its crypto accelerator

Mastercard has been actively furthering its involvement in the blockchain and crypto sectors. Last January, Mastercard joined forces with Coinbase to enable the use of Mastercard cards for purchasing NFTs on Coinbase's marketplace.

In mid-October, Mastercard partnered with Paxos to allow banks to offer cryptocurrency trading and related services to their customers. 

In that same month, Cointelegraph also reported that Mastercard had launched a crypto fraud protection tool, enabling banks to find and prevent fraud on crypto merchant platforms within its network.