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Tuesday, May 30, 2023

Mastercard Taps Polygon to Empower Emerging Artists in Web3 Tech

Mastercard Taps Polygon to Empower Emerging Artists in Web3 Tech – Traditional financial institutions are increasingly attempting to harness the power of blockchain for a variety of diverse applications. Mastercard, one of the world’s largest payment systems, has teamed with Polygon, an Ethereum scaling platform, to introduce five new artists to the opportunities Web3 technology can offer to their work.

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The Mastercard artist accelerator program will use the Polygon network to teach the selected artists how to perform a series of activities that will allow them, among other things, to cut out the middleman, mint their own NFT (non-fungible token) collections to increase online fan engagement, and participate in metaverse-based concerts.

Autonomy and freedom seem to be one of the biggest goals of the program, and the two companies have prepared a so-called “first-of-its-kind-curriculum” for this task. About this, Ryan Watts, CEO of Polygon Studios, stated: “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.”

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Mastercard has a long history with music, as evidenced by the fact that it is currently an official sponsor of the Grammys and has even experimented in music production, launching its own album in 2022. Mastercard recognizes the value of decentralized technology as it wants to encourage new artists in the ecosystem to achieve their own relevance.

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“Music is a universal passion, inspiring us, moving us, and bringing us together; however, it can feel impossible for budding artists to break in,” stated Raja Rajamannar, Mastercard CMO, reinforcing the relevance of these technologies for the development of today’s artists.

The five artists who will be able to participate in this program have not yet been selected, and artists can still submit applications. The initiative is scheduled to begin in the spring of 2023, and fans will be able to learn with the performers how these technologies operate.


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