Mastercard collaborated with Polygon to develop a web3-focused incubator as part of its Web3 growth in order to assist artists in interacting with fans via a new platform. On Friday, the company revealed at CES 2023.
In order to help budding artists interact with their followers, the new Web3 project intends to equip them with the Web3 tools and knowledge. Make connections and incorporate Web3 technology into your creations and projects, learning how to "encode" content, mint NFTs, and more.
The participants will learn how to create non-fungible tokens (NFTs) and express themselves in the virtual world as they develop their communities, according to Raja Rajamannar, chief marketing and communications officer at Mastercard.
“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 that serves as ownership proof for a JPEG picture, piece of art, or digital avatar. To give fans proof of ownership of music tracks or video snippets, artists might issue NFTs to them.
NFTs can also be used to enter gated communities in web3 or to gain access to benefits such as going to metaverse artists' hosted virtual live events. In the 3D virtual world known as Metaverse, users can engage in immersive interactions by playing games, exchanging virtual goods, or taking part in live virtual events like concerts.
As was previously mentioned, Polygon has partnered with a number of other significant brands over the past year, including Starbucks' Odyssey digital collection rewards program, Disney's accelerator program, and major clothing brands like Prada and Adidas, which helped retailers launch NFT projects through their blockchain.