Mastercard releases free music pass NFTs with benefits for holders

Payment processing firm Mastercard debuted a free Music Pass NFT slip this week amid the annual NFT NYC conference, offering collectors a number of benefits going forward for holding the token. The digital collectible is part of the Mastercard Artist Accelerator program launched in January.

Mastercard Music Pass NFT can be minted for free until the end of April. The drop is taking place on Polygon, an Ethereum scaling network that has also been adopted by brands including Starbucks, Nike and Reddit for various Web3 initiatives.

“If you think about it, it just makes sense to unlock a Web3-centric program with a Web3 technology,” said Raja Rajamannar, Mastercard’s Chief Marketing and Communications Officer. Decrypt. He added that the accelerator program is “designed to deepen the experience for the music and Web3 enthusiasts.”

NFTs are blockchain-based tokens linked to digital and physical content, providing proof of ownership, authenticity or even membership in a group. Musicians and record companies have adopted NFTs in their marketing and fans, and some even release songs via NFTs or give a share of streaming royalties to holders.

Collectors who hold the Mastercard pass will have access to features such as an AI-powered music generator app, as well as educational materials and a chance to win access to a live concert in June with artists in the company’s accelerator program. And for participating artists, the program is designed to help them learn how to leverage Web3 technology.

“This is the first NFT we’ve dropped as part of the accelerator, but there’s certainly potential for others as the participating artists learn to create their own NFTs as part of the program,” Rajamannar said. “As a brand, this is not our first NFT, but it is very exciting. We love the combination of form and function.”

Mastercard previously released a collectible NFT in collaboration with soccer coach José Mourinho, who served as a global ambassador for the brand at the time. The firm has also created customizable debit cards in collaboration with Polygon and Web3 startup Hi, with a tie-in NFT collectible.

Artists participating in the accelerator include Grammy Award-winning artist Cocoa Sarai, R&B singer Young Athena, Latin Grammy-nominated singer/songwriter Manu Manzu, Nigerian recording artist LeriQ and musician Emily Vu.

Mentors in the accelerator program include Polygon Head of Business Development Brian Trunzo, rapper and Zora Head of Programming Latashá, dancer and content creator Nife, Ledger Chief Experience Officer Ian Rodger, and producer/songwriter Tushar Apte.

After the planned concert with the artists in the accelerator program, Rajamannar said that Mastercard plans to continue building and experimenting in Web3.

“We will continue to explore Web3 tools, testing and learning as we go,” he said, “and identify new places to innovate and engage with new technologies.”