Mastercard has been one of several legacy companies rooted in traditional finance to jump into the Web3 space, having been involved in a number of Web3 initiatives in recent years.
Most recently, on April 12, Mastercard announced its new artist accelerator program. However, this time, it added a Web3 twist. The program is nonfungible token (NFT)-gated and therefore only accessible to holders of its Mastercard Music Pass NFT.
According to the announcement, the NFT is limited-edition and free until the end of the month to both musicians and fans. The program was created in collaboration with Polygon and offers free access to educational materials, unique artificial intelligence (AI) tools and other experiences.
Raja Rajamannar, chief marketing and communications officer of Mastercard, said programs like this are in place to help users “better understand and trust how blockchain and digital assets are used.”
“We also believe that Web3 can be a powerful tool in connecting people and building communities around shared universal passions.”
Mastercard highlighted that it has been a long-time supporter and simultaneously an early adopter of Web3 technologies to bring fans and creators more opportunities to create “exclusive, inclusive and scalable experiences.”
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Mastercard has already selected five artists from different genres around the globe to participate in the program. In addition to Web3 technologies, the artists will be exposed to a new AI-driven music studio.
This development from Mastercard comes less than two months after both it and Visa announced that they would be pulling back on all new crypto and blockchain partnerships. The financial service providers said that all new launches would be delayed until improved market conditions are visible, along with a clearer, more established regulatory framework.
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