At CES 2023 on Friday, Mastercard said that it will be establishing a Web3-focused incubator to assist artists in connecting with their audiences through a new medium.
After unveiling a Polygon-based accelerator program to assist musicians in building their careers via Web3, the global payments giant Mastercard is boosting up its exposure to blockchain technology once again.
According to the blog post: “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 objective of the Mastercard program is to provide assistance to all types of musical artists, including musicians, DJs, and producers. Training will be provided to the selected artists on how to make use of blockchain technology and develop their personal brands by way of NFTs and the metaverse.
Mastercard’s Chief Marketing and Communications Officer, Raja Rajamannar, claims that participating artists who sign up for the incubator would learn how to mint NFTs, develop a community, and represent themselves in virtual worlds if they take part in the program. “We see that web3 holds tremendous promise for artists and creators to create, own and monetize their content, but only if they know how to leverage it.”
Mastercard Web3 expansion
Mastercard formed a partnership with Polygon, a scaling blockchain that was created on top of Ethereum. Mastercard has recently been making significant advancements in the Web3 industry while Polygon has formed strategic alliances with a number of other major businesses over the course of the past year.
The decentralized nature of Web3 has spawned concerns that it would cause a big shakeup in the financial services industry, endangering the survival of existing firms like Visa and Mastercard. In response to these speculations, Mastercard has been expanding and innovating in the cryptocurrency space. If companies do not adapt their practices to accommodate the rapid advancement of technology, they run the risk of falling behind their competitors who are more willing to adopt new technologies, methods, and ideas. As a result, Mastercard is working hard to increase its visibility inside the Web3 ecosystem.
Final Thoughts
Musical artists will find new and innovative ways to use web3 to reach and interact with their fans, distribute and monetize their music, and collaborate with other artists.
Musicians may use web3 technologies such as decentralized platforms, non-fungible tokens (NFTs), decentralized social networks, and decentralized collaboration tools in a variety of ways. For example, they could use decentralized platforms to distribute music directly to listeners, sell unique digital assets using NFTs, build communities and interact with fans on decentralized social networks, and collaborate with other artists using decentralized tools. These technologies could allow musicians to have more control over their music and potentially earn more from it, while also providing new ways for them to connect with their fans and collaborate with other artists.
It is very likely that musical artists will play a significant role in shaping the development and adoption of Web3 technologies as they seek out new ways to distribute, monetize, and promote their music.
Rickie Sebastian Sanchez is an article writer specializing in cryptocurrency news. Since late 2017, he has been actively investing in cryptocurrencies. He is enthusiastic about everything that has to do with crypto and he hopes that the readers of his articles in the years to come will gain a massive understanding of blockchain technology.
