Mastercard Partnered With Polygon To Launch Web3 Incubator

Key Points:

• Mastercard partnered with Polygon in a new project to launch Web3 Incubator.
• The project aims to provide emerging artists with Web3 tools and skills to help them connect with fans.
• Over the past year, Mastercard has ramped up pilot web3 activation around the world.

As part of its Web3 expansion, Mastercard partnered with Polygon to launch a web3-focused incubator to help artists connect with fans through a new medium. The company shared at CES 2023 on Friday.

The new Web3 project aims to provide emerging artists with the Web3 tools and skills to help them connect with their fans. Establish connections and integrate Web3 technology into your works and projects, including how to mint NFTs, build communities in metadata, “encode” content, and more.

According to Raja Rajamannar, chief marketing, and communications officer at Mastercard, participants will be taught how to mint non-fungible tokens (NFTs) and express themselves in the virtual world as they build their community.

“The core of this program is providing emerging artists with the web3 tools and skills they need to excel and advance their music careers in this digital economy (…). By providing access to experts and innovators in the space, the artists will be guided on how to incorporate web3 into their work throughout the entire program and then beyond.”

Raja Rajamannar, chief marketing, and communications officer at Mastercard, said to TechCrunch.

An NFT is a blockchain-based file representing proof of ownership for a JPEG image, artwork, or virtual avatar. Artists can issue NFTs to their fans to provide them with proof of ownership of music tracks or video clips.

NFTs can also be used to access gated communities in web3 or unlock various perks like attending virtual live events hosted by artists in the metaverse. Metaverse is a 3D virtual space where people can interact immersively through games, trading virtual assets, or attending live virtual events like concerts.

As previously reported, over the past year, Polygon has partnered with several other major brands such as Starbucks’ Odyssey digital collection rewards program; Disney’s accelerator program, and helped retailers Major clothing brands like Prada and Adidas launch NFT projects through their blockchain.

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