Mastercard has announced the launch of their limited-edition Music Pass non-fungible tokens (NFT) as part of its Artist Accelerator program. The NFT project has been developed in collaboration with the Layer 2 scaling protocol Polygon and will support rising Web3 musicians and artists to boost their careers. The company announced further details about the program in a press release, explaining:
Mastercard Artist Accelerator program [is a] Web3 platform that gives [the NFT holders] free access to educational materials, unique AI tools through our collaborations, and Priceless experiences to boost creativity for music artists.
This marks the second collaboration NFT project offered by Mastercard since 2022 when it joined hands with Moonpay, Nifty Gateway, The Sandbox, and Immutable X among others to create NFTs for their cardholders. Mastercard also previously provided payment solutions to enable Coinbase users to purchase NFTs via Mastercard cards, gaining status as one of the most active financial services companies to be involved in Web3.
Mastercard’s chief marketing and communications officer affirmed the company’s vision in blockchain and digital assets:
As a company, we hope to help people and partners around the world better understand and trust how blockchain and digital assets are used – and how our technology can support the ecosystem. We also believe that Web3 can be a powerful tool in connecting people and building communities around shared universal passions.
Mastercard previously demonstrated their support for the music industry through sponsorships with the Grammy Awards and Brit Awards, but this initiative is the company’s first attempt at combining music with NFTs. Following Nike's first NFT drop on its .SWOOSH NFT platform, Mastercard's announcement indicates that interest in Web3 remains strong among major institutions seeking to engage customers in new and unique ways. The limited edition Mastercard Music Pass NFT can be collected until the end of April.