Mastercard Announces Music NFT Accelerator, Adopts Polygon
mastercard web3 accelerator
Mastercard, a major payment company, announced on the 6th the “Mastercard Artist Accelerator”, a Web3 (distributed web) training program for music artists. It adopts Polygon (MATIC) blockchain as its foundation.
Starting in the spring of 2023, this program will be an opportunity for five selected music artists to issue NFTs and learn the process of establishing a community and building a brand through an online Web3 experience.
In addition to creating music content and creating collaboration opportunities, you will also have the opportunity to learn about content ownership from a Web3 mentor. The finale, scheduled for the second half of 2023, will feature a real-time streaming showcase. Mastercard says:
The Mastercard Artist Accelerator equips five emerging artists – musicians, DJs and producers – with the tools, skills and access to carve their own path in the digital economy.
Since this program aims to grow the entire music scene, fans can also participate. Mastercard Music Pass holders, a limited edition NFT, can participate in program materials, exclusive collaboration content, and various events held in reality and the metaverse.
Raja Rajamannar, Head of Marketing at Mastercard said:
Our vision is to bridge passion and purpose, shine a spotlight on great emerging artists, and create an interactive community where attendees can learn, experiment and grow together.
Ryan Wyatt, CEO of Polygon Studios, a company specializing in blockchain games and NFTs (non-fungible tokens) in the Polygon ecosystem, said:
The Mastercard Artist Accelerator will not only showcase the power of this new area that will embrace many brands, but will also provide the tools to educate consumers on how to participate. This is an important step in opening up the benefits of Web3 to more people.
Wyatt also noted that Web3 “has the potential to grow a fanbase, generate income and empower a new breed of artists who can express themselves and connect on their own terms.”
What is Web3
The current centralized web is defined as Web 2.0, and refers to an attempt to realize a non-centralized network using blockchain. Typical features include use cases for decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.
Cryptocurrency Glossary
Relation:Mastercard Introduces NFT Purchase Demo on Polygon
Music Industry and Web3
In the music field, the spread of blockchain and NFT is progressing. Major music labels, studios and promoters are also entering the NFT space.
In February 2010, the large-scale US music festival “Coachella” published the NFT collection “Coachella Collectibles”. In the same month, US musician Steve Aoki revealed that the revenue from his own NFTs far exceeded his music royalties.
In December, Warner Music Group (WMG), a major US music entertainment company, announced partnerships with Polygon (MATIC) and LGND.io, which develops NFT music platforms. The three companies plan to jointly launch the music NFT platform “LGND Music” in January 2023.
Relation:Warner Music partners with Polygon to launch new music platform
What are NFTs?
Abbreviation for “Non-Fungible Token”, a digital token that cannot be replaced and has a unique value. By managing and trading on the blockchain, information such as digital content creators, owners, and transaction history is saved. A unique ID proves that it is unique.
Music NFTs are based on songs, albums, music, lyrics and soundbites, combined with music and digital art such as .gif and .jpg to create a unique multimedia package. Some include additional content, such as lyrics or a message from the artist.
Cryptocurrency Glossary
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Relation:Possibilities of music NFTs and legal issues to consider | Contributed by Gamma Law
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