Mastercard, rooted in traditional finance, has made a leap into the Web3 space by introducing its new NFT-gated artist accelerator program. The program is free for Musicians and fans till the end of the month and provides access to educational materials, AI tools and other experiences. The NFT, titled Mastercard Music Pass, will also enable access to the accelerator program and the company's AI-driven music studio. The artist accelerator program has already selected five artists from all over the globe, who will be exposed to new technologies.

Recently, both Mastercard and Visa announced they would be pulling back on all new crypto and blockchain partnerships. They said, all new launches will be delayed until better market conditions and regulatory framework is visible. This step discloses that the companies are still focused on traditional finance, but with the push of NFT-gated artist accelerator program, it has certainly expanded its horizons to the Web3 space.

Mastercard's collaboration with Polygon adds credibility to Web3, as the company intends to bring fans and creators more opportunities to create exclusive and scalable experiences through blockchain and digital assets. The initiative from Mastercard might have significant impact on the traditional finance and Web3 space as it has opened new avenues for the NFTs and digital asset sector. While the hype surrounding it is tremendous, only time will tell how successful the concept will be in the long run.



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