Mastercard Launches Web3-Focused Artist Incubator Program with Polygon

Mastercard Launches Web3-Focused Artist Incubator Program with Polygon

Payments giant Mastercard has launched the web3-focused artist incubator program with Polygon, an Ethereum scaling platform, to introduce emerging artists to Web3 technology. The artist incubator program will teach five different emerging artists, including singers, musicians, DJs, and producers, to use blockchain tools to grow their brand and fan engagement.

Mastercard Taps Polygon to Teach Web3

Traditional finance companies are now seeking to harness the power of blockchain for a myriad of activities in different fields. One of the biggest payment companies, Mastercard has partnered with Polygon, an Ethereum scaling platform, to introduce five different emerging artists to explore the possibilities of Web3 technology.

The Mastercard artist accelerator program will use the Polygon network to teach the selected artists to perform a series of activities that will allow them to mint their NFT (non-fungible token) collections, grow their online fan engagement, and participate in metaverse concerts, among others.

Autonomy and freedom are the biggest goals of the program, and the two companies have prepared the "first-of-its-kind-curriculum" for emerging artists. Ryan Watts, CEO of Polygon Studios, stated:

"Web3 has the potential to empower a new type of artist that can grow a fan base, make a living, and introduce novel mediums for self-expression and connection on their terms."

Web3 and the World of Music

The relationship between Mastercard and music is not new, as the company is currently an official sponsor of the Grammys and has even dabbled in music production, launching its record in 2022. The significance of decentralized technologies for Mastercard is to encourage talented new artists to scale new heights and achievements.

"Music is a universal passion, inspiring us, moving us, and bringing us together." However, it is difficult for budding artists to get the right break," stated Raja Rajamannar, Mastercard's CMO, reinforcing the importance of technology in the development of artists in the world today.

The five artists to be included in the program have not been selected, and artists can still send in their applications. The program is slated to kick off in the spring of 2023, and fans will be able to join the performers on the way, teaming up to learn the tools.

What is your take on Mastercard’s artist Web3 program on Polygon? Please post your comments.