Source: news.google.com
At CES 2023 on Friday, Mastercard said it will establish a Web3-focused incubator to help artists connect with their audiences through a new medium.
After introducing a Polygon-based accelerator program to help musicians build their careers through Web3, global payments giant Mastercard is increasing its exposure to blockchain technology once again.
According to the blog post: “Artists will get 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 in virtual worlds, and establishing an engaged community.”
The Mastercard program aims to support all types of music artists, including musicians, DJs, and producers. Training will be provided to selected artists on how to make use of blockchain technology and develop their personal brands through NFTs and the metaverse.
Mastercard’s director of marketing and communications, Raja Rajamannar, says participating artists who sign up for the incubator will learn how to mint NFTs, build a community, and represent themselves in virtual worlds if they participate in the program. “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.”
Mastercard Web3 Expansion
Mastercard partnered with Polygon, a scalable blockchain built on top of Ethereum. Mastercard has recently made significant strides in the Web3 industry, while Polygon has formed strategic alliances with several other major companies over the past year.
The decentralized nature of Web3 has raised concerns that it could cause a major shakeup in the financial services industry, jeopardizing the survival of existing companies such as Visa and Mastercard. In response to these speculations, Mastercard has been expanding and innovating in the cryptocurrency space. If companies don’t adapt their practices to keep up with rapidly advancing technology, they risk falling behind their competitors, who are more willing to adopt new technologies, methods, and ideas. As a result, Mastercard is working hard to increase its visibility within the Web3 ecosystem.
final thoughts
Music artists will find new and innovative ways to use web3 to reach and interact with their fans, distribute and monetize their music, and collaborate with other artists.
Musicians can use web3 technologies such as decentralized platforms, non-fungible tokens (NFTs), decentralized social media, and decentralized collaboration tools in a variety of ways. For example, they could use decentralized platforms to distribute music directly to listeners, sell unique digital assets using NFTs, build communities and engage with fans on decentralized social media, and collaborate with other artists using decentralized tools. These technologies could allow musicians to have more control over their music and potentially earn more from it, while also giving them new ways to connect with their fans and collaborate with other artists.
Music artists are likely to play a significant role in shaping the development and adoption of Web3 technologies as they seek new ways to distribute, monetize, and promote their music.
Rickie Sebastian Sanchez is a feature writer specializing in cryptocurrency news. Since the end of 2017, he has been actively investing in cryptocurrencies. He is enthusiastic about everything he has to do with cryptocurrency and hopes that readers of his articles in the coming years will gain a massive understanding of blockchain technology.
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