Mastercard is helping artists connect with their fans in a new way. The financial payment provider is starting a development program to prepare and equip 5 artists with the tools they need to use Web3 technology to connect with their audience.

The program gives artists guidance on how to incorporate web3 into their work - covering topics like how to mint NFTs, representation in virtual worlds, and establishing community.

This announcement adds to the company's recent list of Web3 initiatives. Previously, MasterCard partnered with Coinbase to help expand the NFT ecosystem and hosted the first Grammy week with Roblox in the Metaverse.

What does this mean?

Musicians have been experimenting with NFTs through Music NFTs, concert tickets, and royalties. With more awareness, education, and programs like the Mastercard Accelerator, it will be great to see more artists leverage Web3 tools to accelerate their careers and connect with fans.

Making Music in Web3

Why use Web3 tools in music?Artists can carve a new path to success that isn’t dependent on record deals, traditional labels, and constant touring. Artists no longer have to rely on a label or streaming service to get a song circulating.

So what is a music NFT? A music NFT is simply an NFT that is liked to music. Usually, a music NFT contains one song, similar to how an NFT usually correlates to one image. Artists can also use NFTs to link to concert tickets, access passes, and album covers.

For example, you can buy a song from Snoop Dogg as an NFT

Sound.xyz

What are the different types of music NFTs?

1/1 NFT (one of one) — a single unique item. Super exclusive and super rare. Think of the Mona Lisa.
Open edition — unlimited editions can be minted for a certain period.
Limited edition — set number. Only 10,000 available

Why is this good for fans?

🤝 Directly support artists — your purchase directly goes to the artist through a royalty or purchase (verifiable on the blockchain)

💸 Upside — with specific platforms like Royal, when you purchase a music NFT you can receive ownership of royalties. Imagine buying a song before it gets popular!

🫂 Curation and community— fans can curate collections and create online communities around artists.

By leveraging Web3 tools, artists are getting paid, and fans are getting rewarded.

Company Spotlight - Footprint Analytics

Footprint analytics is a one-stop shop for blockchain analytics.

Footprint analytics is breaking down the barrier to entry for crypto users who want to make their own analytics but don't know how to code. They provide 99% of NFT trading volume and have the most comprehensive GameFi analytics platform.

To learn more, check out the Footprint Website, Twitter, and Discord.

Thanks for reading!

LuLu Holland

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