Mastercard, a major worldwide payments and technology company, would unveil a Web3-focused incubation at Consumer Electronics Show (CES) in 2023 in association with Polygon. Through a new medium, the incubator can assist artists in communicating with their followers.
According to TechCrunch, the new Web3 initiative will provide upcoming musicians using Web3 tools and capabilities to aid audience interaction.
Polygon is a public Blockchain that may expand and connect other Blockchain networks. Its goal is to provide an environment for numerous Ethereum-compatible Blockchains.
According to Raja Rajamannar, chief marketing and communications director at Mastercard, the program’s primary objective is to provide upcoming musicians with the Web3 tools and expertise they have to flourish and advance their musical careers in the current digital economy.
He added that allowing them access to industry professionals and innovators would give the artists advice on incorporating Web3 within their work over the entire semester and beyond.
The study claims that artists participating in the incubation can build communities, mint NFTs, and represent themselves in virtual spaces.
“We feel that Web3 holds enormous promise for artists or creators to develop, own, or monetize their work,” Rajamannar said.
An NFT, a Blockchain-based file, represents a JPEG image, work of art, or ownership proof for a virtual avatar. Artists may offer NFTs to fans to prove ownership of tracks or movies.