Mastercard selects polygon (MATIC) for NFT-based artist accelerator program by DailyCoin

Financial behemoth Mastercard (NYSE: ) teamed up with Polygon (MATIC) to launch the Mastercard Accelerator Program for up-and-coming artists. This was revealed over the weekend at the Consumer Electronics Show 2023 in Las Vegas, Nevada. Additionally, the Artist Accelerator invites music fans to join the experience with their favorite artists, as Mastercard plans to roll out the program alongside a slate of gigs in the metaverse in Spring 2023.

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#Mastercard Artist Accelerator will give aspiring artists an opportunity to be promoted in the music industry using Web3 tools. After joining the incubator, artists will be able to create NFTs, present themselves in virtual worlds and create communities pic .twitter.com/qs7FERaLHu

— META EARN (@metaearn_crypto) January 9, 2023

Web3 Art Incubator to empower artists

First, five selected up-and-coming artists can participate in the Mastercard Accelerator. The lucky winners can test out Web3 tools to boost their music career. For example, emerging artists can create their own music NFTs and sell them to their fans. Since NFTs are often used as intellectual property in the music industry, lucky musicians can sell their songs without paying a fee to a major label or distribution service like DistroKid.

Furthermore, Ryan Watts, CEO of Polygon Studios, was happy to provide the opportunity for upcoming artists who want to pursue their music careers using blockchain technology. He said:

“Web3 has the potential to empower a new breed of artist who can grow a fan base, make a living, and introduce new media for self-expression and connection on their own terms.”

Ryan Watts, CEO of #Polygon Studios, stated: “#Web3 has the potential to empower a new breed of artist who can grow a fan base, make a living and introduce new mediums of self-expression.” https://t.co/SnBjsisdPQ

— News (@BCTTN) January 9, 2023

Polygon shines amid partnership news

Following the news from CES 2023, the popular altcoin MATIC increased by 6.8%. At press time, the 10th-ranked currency is trading at $0.868087, according to CoinGecko.

Designed to be a scaling solution for (ETH), MATIC became a leader in retail. The carbon-neutral blockchain recently landed deals with Starbucks (NASDAQ: ), Coca-Cola (NYSE: ) and Disney. Ultimately, Polygon’s long list of partnerships indicates that the most established retail brands trust it.

$MATIC Polygon Partnerships in Year 2022 as Top-tier Brands Building #onPolygon #Polygon #NFTCommunity pic.twitter.com/4VKQnEDd92

— WEB3 Market Insight (@iftikharpost) December 28, 2022

On the other side

• Despite a relatively successful year, Polygon (MATIC) still lost 56.5% of its market value due to the intense crypto winter.

Why you should care

The music industry’s monopoly has resulted in huge backlash from the music artist community over the years. Moreover, unfair royalties from the most popular streaming services and the intended lack of direct connection between artists and fans are only the tip of the iceberg. Blockchain-based decentralization can solve one of the biggest challenges in the modern music industry.

Learn more about collaboration between Music and Web3:

Deadmau5 launches Elynxir NFT game as part of the Music Metaverse

Fans Gather at Decentraland: Is Metaverse Music Festival Worth Your Virtual Sweat?

See the original on DailyCoin