Mastercard, a company rooted within traditional finance, has joined other legacy companies in the Web3 space by participating in several Web3 initiatives in recent years. In its most recent move on April 12, the company unveiled its new artist accelerator program, which comes with a Web3 twist.

The program is accessible only to holders of its Mastercard Music Pass NFT, which serves as a non-fungible token gate. According to the announcement, the NFT is limited edition and available for free until the end of the month to musicians and fans. The program was developed in partnership with Polygon and provides free access to educational materials, unique AI tools, and other experiences.

Mastercard has emphasized its long-standing support and early adoption of Web3 technologies to provide more opportunities for fans and creators to create unique, inclusive, and scalable experiences. The company has already chosen five artists from various genres worldwide to participate in the program.

In addition to Web3 technologies, the artists will have access to a new AI-driven music studio. This move by Mastercard comes shortly after both it and Visa announced a pause on all new crypto and blockchain partnerships. The companies cited the need for improved market conditions and a more established regulatory framework before launching any new initiatives.

Sources:

https://www.investing.com/news/cryptocurrency-news/mastercard-launches-nftgated-musician-accelerator-program-3054939

https://cointelegraph.com/news/mastercard-launches-nft-gated-musician-accelerator-program

https://www.coindesk.com/web3/2023/04/13/mastercard-drops-free-nfts-launches-web3-music-accelerator/

https://blockchain.news/news/mastercard-launches-nft-gated-artist-accelerator-program