Mastercard, a payments processing firm, has introduced a Music Pass NFT drop, which is available for free until the end of April. The digital collectible is part of the Mastercard Artist Accelerator program, which was launched in January.
The Music Pass NFT provides collectors with numerous benefits, such as an AI-powered music generator app, educational resources, and access to a live concert in June featuring artists in the company’s accelerator program.
The Music Pass NFT is being launched on Polygon, which is an Ethereum scaling network that has been adopted by various brands such as Starbucks, Nike, and Reddit for several Web3 initiatives.
The token is linked to digital and physical content, providing proof of ownership, authenticity, and even membership in a group.
NFTs have been adopted by musicians and record labels as part of their marketing and fan outreach, with some even releasing songs via NFTs or providing a share of streaming royalties to holders.
Mastercard’s Chief Marketing and Communications Officer, Raja Rajamannar, said that it only made sense to unlock a Web3-centered program with Web3 technology.
He added that the accelerator program was “designed to deepen the experience for the music and Web3 enthusiasts.” Participating artists in the program can learn how to harness Web3 tech to advance their careers.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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