Mastercard is using the Polygon blockchain to launch its Mastercard Artist Accelerator program, which was announced at the Consumer Electronics Show in Las Vegas on Friday.
The accelerator aims to help musical artists expand their brands through the use of non-fungible tokens (NFTs), building an online presence, and connecting with mentors in the Web3 space.
The program is set to run until the end of the year and will conclude with a live-streamed artist showcase.
Five emerging artists, including musicians, DJs, and producers, will be chosen to participate in the accelerator, which will provide them with the tools, skills, and access to succeed in the digital economy.
As part of the program, Mastercard will also release a limited edition NFT called “The Mastercard Music Pass,” which will grant holders access to exclusive music educational materials, unique resources, and other physical and digital experiences.
NFTs are blockchain-based tokens that provide proof of ownership, authenticity, or membership and have proven to be a lucrative venture for musicians in the past.