Credit card company Mastercard has released non-fungible tokens (NFTs) to help Web3 musicians access resources to boost their careers.
The Mastercard Music Pass NFT, which is free to mint and developed in partnership with Polygon, is a digital collectible that enables artists to access the Mastercard Artist Accelerator program. This accelerator provides artists with AI technology and educational tools, including access to advice from Web3 mentors such as artist Latashá and Ledger Chief Experience Officer Ian Rodgers. The NFT can be collected by Web3 musicians, fans, and enthusiasts until the end of April.
According to Raja Rajamannar, the Chief Marketing and Communications Officer and President of Healthcare Business at Mastercard, the company’s new NFTs and accelerator program are primarily driven by their desire to provide Web3 education. This latest move represents the company’s first foray into combining music and NFTs, although it has previously sponsored prestigious music events such as the Grammy Awards, Latin Grammy Awards, and Brit Awards as part of its support for musicians.
Despite the company’s enthusiasm for Web3, Mastercard experienced some setbacks in this field. In February, Satvik Sethi, the lead for Mastercard’s NFT efforts, departed from the company to fully embrace Web3. This highlights the company’s early struggles in this area. Nevertheless, Mastercard’s entry into Web3 demonstrates its confidence in the ability of digital assets to bring people together and create communities based on shared interests.