Mastercard uses Polygon for its Web3 projects

Mastercard plans to leverage Polygon to lead music artists into the Web3 space. This project focuses on creating your own NFT (Non-Fungible Token). As a reminder, Polygon (formerly known as Matic Network) is a sidechain development platform based on the Ethereum blockchain technology. It aims to provide a highly scalable Layer 2 solution for building dApps and sidechains on Ethereum. The cryptocurrency associated with Polygon is the MATIC token. It is the subject of currency exchange on the platform and participation in the governance processes of the platform.

Mastercard’s Web3 project

Mastercard announced on Friday at the Consumer Electronics Show in Las Vegas, Nevada that it will be using the Polygon blockchain to launch its Mastercard Artist Accelerator. The program is designed to help musical artists. The goal is to learn how to develop your own brands through NFTs, establishing an online presence and building a community. Mastercard has not yet announced who will participate in the accelerator. Instead, the company said the accelerator will culminate this year with a live-streamed artist showcase.

According to Mastercard, the goal is to create a space for music content creation, collaboration and ownership, using the accelerator to connect artists from around the world with mentors from Web3. In a press release, Mastercard says that, starting Spring 2023, the Mastercard Artist Accelerator will equip five emerging artists – such as musicians, DJs, producers – with the tools, skills and access to create their own musical pathways in the economy. digital.

A limited edition of NFT

According to Mastercard, the accelerator will include a limited edition NFT called “The Mastercard Music Pass.” According to the company, this will give holders access to exclusive music education materials. Added to this are unique resources and other physical and digital experiences. NFTs are blockchain-based tokens tied to digital and physical content. They have the benefit of providing proof of ownership, authenticity, or group membership. NFTs have also been a lucrative side project for musicians in the past.

In March 2021, singer and songwriter Grimes sold a visual arts collection for around $6 million. EDM musician 3LAU has made $11 million selling one album as 33 NFT singles. DJ Steve Aoki said in February last year that he’s made more money from NFTs than 10 years before his music.

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Krull's avatar
Krull

To the angelism of the intercessors of the current monetary system, I oppose DeFi, digital assets and the metaverse. Lawyer in Luxembourg, I am interested in cryptocurrency investment funds.

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