Mastercard has announced its plans to use the Polygon blockchain to support musicians through its Mastercard Artist Accelerator program. The aim is to help artists gain more visibility by utilizing non-fungible tokens (NFTs) and other tools to build their brand and create a community. The launch of the Mastercard Artist Accelerator caused a significant increase in the value of Matic, the cryptocurrency associated with Polygon.
Polygon, a layer built on top of the Ethereum blockchain, helps to take transactions off the Ethereum network by utilizing its own “sidechain.” It has been successful in partnering with numerous companies, including Mastercard.
The Mastercard Artist Accelerator, set to begin in spring 2023, will focus on assisting five emerging artists, including musicians, DJs, and producers, in developing their own paths in the digital economy through access to tools, skills, and mentorship in the Web3 space. As part of the program, participating artists will receive a unique NFT called “The Mastercard Music Pass,” which can be shared or sold to others and grants access to exclusive educational material, unique music, and other physical and digital experiences.
Overall, Mastercard’s partnership with Polygon and its efforts to support and connect artists through the use of NFTs and the Mastercard Artist Accelerator demonstrates the potential for blockchain technology to revolutionize the music industry and empower artists.