Global payments giant Mastercard is increasing its exposure to blockchain technology once again, after announcing a Polygon-based accelerator program to help musicians build their careers via Web3.

The firm announced the “Mastercard Artist Accelerator” program via a blog post on January 7, noting that starting this spring, it will connect five emerging musicians from around the world with mentors who will help them establish their brand in the Web3 music space.

“Artists will gain exclusive access to special events, music releases and more. A one-of-a-kind curriculum will teach artists how to build (and own) their brand through Web3 experiences like coining NFTs, representing themselves on virtual worlds. and establish an engaged community,” the post read.

The program will culminate in a livestreamed artist showcase later in the year.

Mastercard is also launching a collection of non-fungible tokens (NFTs) called the “Mastercard Music Pass” for those who are not selected for the program. The goal is to provide hodlers with educational materials and “unique resources” through brand collaborations to help budding musicians learn about Web3 integrations with the music industry.

Commenting as part of the announcement, Polygon Studios CEO Ryan Watt noted that “Web3 has the potential to empower a new type of artist who can grow a fan base, earn a living, and introduce novel media for self-expression. and hookup on your own terms. .”

Polygon seems poised to become a hub for music-related Web3 projects. On Dec. 6, Cointelegraph reported that global entertainment giant Warner Music Group had partnered with Polygon Studios and e-commerce and interactive platform developer, to build a Web3 music platform called LGND Music.

The platform is scheduled to launch later this month and will allow users to stream music and collect and trade music NFTs.

Related: Mastercard Adds 7 Blockchain Startups to Its Cryptocurrency Accelerator

Mastercard has been actively fostering its involvement in the blockchain and crypto sectors. In January 2022, Mastercard joined forces with Coinbase to enable the use of Mastercard cards to purchase NFTs on the Coinbase marketplace.

In mid-October 2022, Mastercard partnered with Paxos to enable banks to offer cryptocurrency trading and related services to their customers.

While in the same month, Cointelegraph also reported that Mastercard had launched a crypto fraud protection tool that allows banks to find and prevent fraud on crypto trading platforms within its network.

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