Mastercard, the payments processing firm, has launched a free Music Pass NFT drop this week, coinciding with the annual NFT NYC conference. The digital collectible is part of Mastercard’s Artist Accelerator program, which was introduced earlier this year in January.
The Mastercard Music Pass NFT is available for minting until the end of April and is being offered on Polygon, an Ethereum scaling network that has been adopted by big brands such as Nike, Starbucks, and Reddit for various Web3 initiatives.
Mastercard’s Chief Marketing and Communications Officer, Raja Rajamannar, explained that it only made sense to launch a Web3-centered program with Web3 technology. He stated that the accelerator program was designed to enhance the experience for music and Web3 enthusiasts.
NFTs are blockchain-based tokens that provide proof of ownership, authenticity, or membership in a group for digital and physical content. Musicians and record labels have started to adopt NFTs into their marketing and fan outreach, with some even releasing songs through NFTs or offering a share of streaming royalties to holders.
For collectors who hold the Mastercard pass, there are a variety of benefits, including access to an AI-powered music generator app, educational material, and an opportunity to win access to a live concert in June featuring artists from the accelerator program. The program is also designed to help participating artists learn how to harness Web3 technology.