Payment processing platform Mastercard announced a web3-based Accelerator program for music artists. The program, which starts in spring 2023, will prepare emerging musicians, DJs and producers to build their brand through web3 experiences, including minting NFTs, engaging with a virtual community and live performances in the metaverse. The space will also enable fans to participate through the Mastercard Music Pass, an NFT that gives access to web3 Music educational material and resources.
Music labels have been embracing web3, forging multiple partnerships involving NFTs. Universal Music created a music group consisting of four NFTs that are Bored Ape Yacht Club characters. In August 2022, Eminem and Snoop Dogg performed as Bore Ape NFT characters in the Otherside metaverse at the MTV awards. More recently, in December 2022, Warner Music Group acknowledged the importance of building communities for artists in different mediums. It partnered with Polygon and LGND.io to launch a platform that sells songs as NFTs.
Mastercard’s Accelerator program, announced at the Consumer Electronics Show (CES), also leverages the Polygon blockchain, and follows on Mastercard’s historical support of the music industry, having sponsored the GRAMMY awards and the BRIT Awards.
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