A week ago MasterCard announced the launch of its Web3-based Artist Accelerator program. The hope is to help emerging musicians build their brands through Web3 technology, including casting NFTs, building communities, and performing in a metaverse.
MasterCard has defined three cores for this program.
- Own the future of music – experience the freedom that comes with digital ownership.
- Enter Web3 – advance your skills by learning from music professionals as well as Web3 innovators.
- Create and Share – Create and connect artists and community members.
Before that MasterCard had some attempts in the crypto space, having provided crypto payment support to some partners, a service division to provide crypto consulting services, etc. Last year MasterCard also invested considerable resources in partnering with Coinbase to open up fiat purchases of NFT, but the Coinbase NFT failed so thoroughly in the market that MasterCard failed to get much out of this partnership. This time, the plan is to move away from the payments business and focus on the non-business directions of community and culture.
MasterCard focused its support on music, rather than the pan-creative sector. Music has always played an important part in MasterCard’s marketing efforts, having launched its own sound brand identity and partnered with bands and music organizations such as Linkin Park. This plan is an echo of the original music strategy. And past work has given Mastercard a lot of resources and accumulation in this field as well. This gathering can organize resources more effectively and focus on things.
Another focus is that this program selects only five new musicians to support. This means that each newcomer will be matched with a quality mentor in the music field and will receive hands-on support from Web3 experts. Good music is not just about quantity, so it’s probably better to focus on support than to get a bunch of them.
For musicians and enthusiasts who don’t make the cut, MasterCard will issue a set of NFTs called the Master Music Pass, which unlocks exclusive Web3 music tutorials, essential tool support, specific online and offline experiences, and most importantly, a mutual support program. And most importantly, a mutually supportive and growing community across musicians and enthusiasts.
Like many major labels, MasterCard has chosen Polygon as a partner, and Polygon is currently working in depth with Warner Music and the LGND music platform to penetrate the music market. Polygon is currently working with Warner Music and LGND to penetrate the music market and does not rule out the possibility of extended partnerships in the future.
Summary
MasterCard’s Web3 strategy incorporates education, building, collaboration, and community, and is itself learning through this process. The planned Music Pass NFT is used to bring together communities of fans and musicians, and has become a key place for brands and communities to interact. Emerging musicians, who will be supported by the focus, will then be able to tap into the mass music market and bring new ways for fans to experience and interact with music.
The gas pedal should launch in the second quarter of 2023.
“MasterCard is focused on music because it is a “universal passion” that unites supporters. That’s why we’ve been an ardent supporter of the music industry and artists for decades, and especially support projects by emerging artists. Gas pedal is an authentic and meaningful way for our brand to showcase these artists, and a way for us to further embrace the web3 space and engage with people in a new way.
The platform is designed not only for artists, but also for enthusiasts. Enthusiasts will receive a limited edition NFT of the MasterCard Music Pass, which gives holders access to insider materials, resources and collaborations, and experiences both online and offline. It was important to us to make sure the community enthusiasts could join the platform and learn alongside the artists. This type of collaboration and community is and will be exactly what music is all about”