payment processing platform master Card web3 based accelerator A program for music artists. Launching in Spring 2023, the program will prepare emerging musicians, DJs, and producers to build their brands through web3 experiences such as creating NFTs, engaging with virtual communities, and performing him live on the Metaverse. increase. The space also allows fans to participate through his NFT, the Mastercard Music Pass, which provides access to web3 Music materials and resources.
The music label has embraced web3 and has multiple partnerships including NFT. Universal Music next created a musical group consisting of four of her NFTs. Boad Ape Yacht Club letter. August 2022, eminem and snoop dog Appeared as Boa Ape’s NFT character in the Other Side Metaverse at the MTV Awards. Most recently, in December 2022, warner music group Recognized the importance of building a community for artists of various mediums. Partnered with Polygon and LGND.io to launch a platform to sell songs as his NFTs.
Mastercard’s accelerator program, announced at the Consumer Electronics Show (CES), also polygon It continues Mastercard’s historic support of the music industry by sponsoring the Grammy Awards and the BRIT Awards.
The company’s ultimate goal is to allow people to use their Mastercard to pay for NFTs without having to buy cryptocurrency. In February 2022, the company will Consulting practice Include cryptocurrencies and digital currencies. Consistent with expanding the service, the company is also keen to expand his web3 user base.Last year, the company announced it was working with 7 major NFT platforms Enablers for ImmutableX, web3 metaverse, etc. sandboxThe accelerator program is another step in that broader strategy.
Visa is also pursuing a similar strategy to enter the web3 space, Crypto Advisory Practice 2021 years.That visa creator program Launched in May 2022 and launched this year, it will extend to entrepreneurs in art, music, fashion and film, targeting those looking to grow their business through NFTs.
Both companies recognize the need to be active in this area. Currently, card payments have a transaction cost of 3%, and payment takes a long time, affecting merchants. Cryptocurrency payments are perceived as a disruption in the payment technology arena due to the low transaction fees and high speeds of some blockchains. As a result, Mastercard has multiple partnerships with companies such as Wirex and Bitpay, central bank digital currency.