Mastercard has expressed its belief in the potential of Web3 technology, the next stage of the internet powered by blockchain. The company sees Web3 as having very real, powerful potential across industries and business functions, with emerging technologies like AI and 5G transforming how brands communicate with and build trust with their consumers.

Mastercard hopes to help people, businesses, and partners around the world better understand how blockchain and digital assets are used and how the technology can support the ecosystem. To demonstrate its commitment to Web3, Mastercard has launched the Mastercard Artist Accelerator, which connects musicians to their passion for music and gives them opportunities to create, collaborate, and monetize their work while retaining control of it.

The program guides artists in using blockchain to monetize their work and build a community of fans, and also teaches them how to harness the potential of emerging AI tools as part of their creative process. Mastercard believes that Web3 can be a powerful tool in connecting people and building communities around shared universal passions.

From Mastercard:

Why we’re dropping an NFT to help emerging musicians

APRIL 12, 2023 | BY RAJA RAJAMANNAR

We believe in the potential of Web3.   

In the past few years, it’s been hard to separate the Web3 signal from the noise. Hype has abounded. Many companies rushed in and, in recent weeks, some have rushed out. But the fact remains that Web3 has very real, powerful potential across industries and business functions.   

The pace of change we’re seeing in the marketing space is truly extraordinary. Emerging technologies like AI, 5G and Web3 — the next stage of the internet powered by blockchain technology — are on the cusp of transforming how brands communicate with, serve and build trust with their consumers. And that’s already practically unrecognizable from the way we connected just a few years ago, let alone a few decades ago.   

Not only can these Web3 technologies drive splashy innovations in virtual, augmented and hybrid realities, but they deliver very simple, real-world benefits like greater transparency, more consumer choice, seamless experiences and digital asset ownership. As a company, we hope to help people, businesses and our partners around the world better understand and trust how blockchain and digital assets are used – and how our technology can support the ecosystem.  

We also believe that Web3 can be a powerful tool in connecting people and building communities around shared universal passions. Like others, we’re exploring and experimenting with Web3 technology to extend our brand efforts – willing to fail fast but hoping to succeed. And we’re bringing others along on the journey.  

Earlier today, we dropped a free multisensory Mastercard Music Pass NFT that unlocks our Web3 music-focused program, the Mastercard Artist Accelerator. It connects musicians to their passion for music and gives them opportunities to create, collaborate and monetize their work while retaining control of it.   

In addition to the thousands of people who have signed up for the program thus far, we’ve invited five artists from regions around the world to chronicle their journey with us. They’ll be guided by five expert mentors,  and throughout the program the artists will gain tips and tricks in using blockchain to monetize their work and build a community of fans. Artists and fans will also learn how to harness the potential of emerging AI tools as part of their creative process, using leading AI music technology from WarpSound.  

The potential of Web3 to deliver on its promise of opportunity and inclusion for all depends on whether people will embrace it. That’s why it’s important for trusted brands to experiment responsibly in the space and to push ourselves and our partners to harness new technologies in ways that are meaningful to people.   

Innovating with purpose is always the goal, but innovating for passion is where true impact lives.