In recent years, Mastercard has joined the ranks of other legacy corporations with a foundation in conventional banking that has entered the Web3 area. Mastercard unveiled its brand-new accelerator program for creatives on April 12. This time, though, a Web3 twist was included. The Mastercard Music Pass non-fungible token (NFT) is required to participate in this program.
Elevating the next generation of music: #priceless.
— Mastercard (@Mastercard) April 12, 2023
The NFT is a limited edition. Moreover, it is a free download for artists and their fans. This is until the end of the month, according to the statement. The program was developed in tandem with Polygon. It gives users unrestricted access to educational resources, one-of-a-kind AI capabilities, and more.
Early Adopter of Web3 Technologies – Mastercard NFT
Programs like these, according to Mastercard’s chief marketing and communications officer Raja Rajamannar, are designed to help customers “better understand and trust how blockchain and digital assets are used.”
Mastercard emphasized that it has been an early adopter of Web3 technologies. And an advocate for their use for a long time in order to provide fans and artists with more options for creating “exclusive, inclusive, and scalable experiences.”
Moreover, Mastercard has already chosen five musicians to participate in the program. These have been chosen from all around the world and all various genres. A new AI-driven music studio will be introduced to musicians in addition to Web3 technology.
Less than two months have passed since Mastercard and Visa stated they will cease entering into any new crypto or blockchain agreements, so this news comes as somewhat of a surprise. All new launches, the financial service providers stated, would be postponed until better market conditions and a more stable regulatory environment were discernible.
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