Mastercard Drops Free NFTs, Launches Web3 Music Accelerator

Credit card company Mastercard said Wednesday at NFT.NYC it’s releasing non-fungible tokens (NFT) to help Web3 musicians access resources to boost their careers.

The Mastercard Music Pass NFT, which is free to mint and developed in coordination with Polygon, is a digital collectible that allows artists to access the Mastercard Artist Accelerator program. The accelerator provides artists with AI technology and educational tools including access to advice from Web3 mentors such as artist Latashá and Ledger Chief Experience Officer Ian Rodgers.

Web3 musicians, fans and enthusiasts will be able to collect these NFTs through the end of April.

Raja Rajamannar, chief marketing and communications officer and president of health-care business at Mastercard, said in a press release that providing Web3 education is a key motivator for the company’s new NFTs and accelerator program.

“As a company, we hope to help people and partners around the world better understand and trust how blockchain and digital assets are used, and how our technology can support the ecosystem,” said Rajamannar. “We also believe that Web3 can be a powerful tool in connecting people and building communities around shared universal passions.”

Although Mastercard has previously made moves in supporting musicians by sponsoring the Grammy Awards, Latin Grammy Awards and Brit Awards, this is the company's first move that combines music and NFTs. It’s not Mastercard’s first foray into NFTs overall: In June 2022 it began allowing cardholders to purchase NFTs with fiat through a partnership with payments infrastructure company MoonPay.

Mastercard’s entry into Web3 hasn’t been entirely smooth. In February, Mastercard’s NFT lead Satvik Sethi left the company to “fully immerse” himself in Web3, minting his resignation letter as part of his departure.