quick take:

• Mastercard has collaborated with Polígono to launch an incubator program focused on web3.
• The program will equip music artists with the tools and skills they need to build their careers in the web3 economy.
• Participants will be taught how to coin NFTs and present their work in virtual worlds.

Mastercard has announced a partnership with Polygon for a web3-focused incubator program. The financial services company wants to support music artists seeking opportunities in the digital economy with the tools they need to succeed.

According to Raja Rajamannar, Mastercard’s director of marketing and communications, participants will be taught how to mint non-fungible tokens (NFTs) and introduce themselves to virtual worlds as they build their communities.

An NFT is a blockchain-based file that represents proof of ownership of a JPEG, artwork, or virtual avatar. Artists can issue NFTs to their fans by giving them proof of ownership of music tracks or video clips.

NFTs can also be used to gain access to gated communities on web3 or unlock various benefits, such as attending a live virtual event hosted by artists in the metaverse. The metaverse is a 3D virtual space where people can interact immersively through games, trade virtual assets, or attend live virtual events like concerts.

Mastercard isn’t the first major brand to target the music industry with a web3 project. Global record production and distribution company Warner Music Group has already made inroads in the space with multiple deals dating back to early 2021.

Most recently, the company partnered with digital fashion design company DRESSX to allow select WMG artists to design various fashion items and sell them to their fans as NFTs.

Mastercard’s incubator project seeks to equip artists with skills that will help them build their web3 careers during and well beyond the program. “The core of this program is to provide emerging artists with the web3 tools and skills they need to excel and advance their music careers in this digital economy,” Rajamannar told TechCrunch.

By the end of the program, artists will be able to create musical NFTs among other items and store them on web3. “We see that web3 holds great promise for artists and creators to create, own and monetize their content, but only if they know how to take advantage of it,” added Rajamannar.

This isn’t Mastercard’s first foray into web3. The company has already partnered with several crypto firms, including Coinbase, as it looks to spearhead the drive to bring the masses into the world of NFTs.

“Last year was a big one for us, with experimental web3 activations all over the world,” said Rajamannar.

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