Attendees of CES 2023 witnessed the announcement of several innovative ideas. First, LG Electronics announced a partnership that will bring the metaverse to its smart TV users.  Now, Mastercard has revealed an alliance with Polygon to help upcoming musical artists grow in the Web3 world by using non-fungible tokens (NFTs) and the metaverse. The Mastercard Artist Accelerator Program will be launched sometime in spring this year. 

The Mastercard Artist Accelerator Program is tailored to “accelerate” the careers of budding musicians, producers, and DJs. Shortlisted artists will undergo a special training on how to milk blockchain technology and develop their individual brand by using NFTs and the metaverse.

This program comes as a part of Mastercard’s move to gradually become prominent in the music industry. Other than being the payment sponsor of the GRAMMY Awards for over a decade, the payment giant also partnered with the Recording Academy for the very first virtual GRAMMY Week experience on Roblox. The event featured many activities including a virtual performance by GRAMMY nominee Camilo, virtual meet and greets with different artists, treasure hunts, a red carpet fashion exhibition, and many others.

Mastercard’s chief marketing and communications officer, Raja Rajamannar, stated:

“Music is a universal passion, inspiring us, moving us, and bringing us together; however, it can feel impossible for budding artists to break in. With the Mastercard Artist Accelerator we are expanding access and driving connections further with cutting-edge Web3 technology.”

The CEO of Polygon Studios also made a comment:

“Web3 has the potential to empower a new type of artist that can grow a fanbase, make a living, and introduce novel mediums for self-expression and connection on their own terms. The Mastercard Artist Accelerator not only shows the power of brands embracing this new space, it provides tools that can educate consumers on how to participate. This is an important step forward in opening up the benefits of Web3 to more people.”

Payment Giants Breaking Into Web3

Many have speculated that Web3 will wreck chaos upon the payment industry and cause several game players, like Mastercard, to declare bankruptcy or decommission. This development has caused a number of these payment giants to adapt to the Web3 trend and establish their presence in the space.

For instance, Mastercard collaborated with BitOasis to launch a crypto card. Sometime in the last quarter of 2022, fellow payment giant, Visa, also partnered with to create a crypto debit card. Visa has also partnered with Huobi and developed the Visa Masters of Movement experience for football fans.