Mastercard's Polygon Web3 Artist Accelerator

At the Consumer Electronics Show on Friday in Las Vegas, Nevada, Mastercard announced that it would launch its Mastercard Artist Accelerator on the Polygon blockchain. The course aims to teach musicians how to grow their careers by creating a solid online presence, minting NFTs, and connecting with fans.

Mastercard has not yet announced which artists will be a part of the accelerator, but the company has announced that the program will conclude later this year with a live-streamed showcase. In addition, the accelerator will link musicians worldwide with Web3 experts with Mastercard, saying they want to foster an environment where music can be made, shared, and owned.

"Kicking off in spring 2023, the Mastercard Artist Accelerator will prepare five emerging artists—such as musicians, DJs, producers—with the tools, skills, and access to forge their own musical paths in the digital economy,"

Mastercard said in a press release.

Mastercard claims that the accelerator's limited-edition NFT, dubbed “The Mastercard Music Pass,” will grant its owners access to a plethora of in-person and online musical opportunities and resources.

NFTs are tokens based on the blockchain that can be exchanged for digital or physical goods as evidence of ownership or authenticity or membership in a community. Non-traditional financial transactions (NFTs) have historically been a lucrative side business for musicians.

For example, as of March 2021, singer-songwriter Grimes has made over $6 million from selling her art collection. 3LAU, an electronic dance music (EDM) musician, made $11 million that same month by selling an album split into 33 NFTs. In February last year, DJ Steve Aoki made headlines when he claimed that his earnings from NFTs exceeded those from his music career's first decade combined.