|

Breaking | Crypto News

Polygon Signs Partnership with Mastercard to Work on a Web3 Incubator

Author

Jonathan Gibson

Tags

Reading time

3 mins
Last update

Author

Jonathan Gibson

Tags

Reading time

3 mins
Last update

Author

Jonathan Gibson

Tags

Reading time

3 mins
Last update

Polygon (MATIC) Network logo

Join our growing community


Mastercard is now working on a new Web3 artist accelerator that will connect musicians, creators and fans to create a new experience. The goal is to build an Artist Accelerator that will be simple to use in order for everyone to participate. To build the accelerator’s Web3 platform, Mastercard is now partnering with Polygon, one of the largest blockchain networks in the market. 

Polygon and Mastercard Work Together on a Web3 Incubator

In a recent announcement made by Mastercard, they announced that there is a new Web3 Artist Accelerator that they are working on side by side with Polygon, one of the most reliable blockchain networks in the world. As per the announcement, users will experience the freedom of digital ownership and they will be able to learn from music professionals and Web3 innovators. 

The goal is to use this platform and prepare five emerging artists with the tools, skills and access to forge their own paths in the digital economy. There will be multiple ways for them to build their brand, from minting non-fungible tokens (NFTs) to creating virtual representations of themselves. 

NFTs became very popular in 2021 when they were traded on multiple platforms and allowed users to own digital goods, especially art pieces or images. 

This project is expected to start as soon as in the spring of 2023. Users can also stay updated about this project and receive the latest information and announcements of this project. 

Raja Rajamannar, chief marketing and communications officer at Mastercard commented on this project: 

“The core of this program is providing emerging artists with the web3 tools and skills they need to excel and advance their music careers in this digital economy. By providing access to experts and innovators in the space, the artists will be guided on how to incorporate web3 into their work throughout the entire program and then beyond.”

Polygon (MATIC) is the 10th largest cryptocurrency in the world. This digital asset is at the same level as other large and popular coins such as Cardano (ADA), Dogecoin (DOGE) or XRP. According to CoinGecko, Polygon has a price per coin of $0.80 and a market capitalization of $7.20 billion. 

This digital asset would then be likely used within the Mastercard project and could play a key role when it comes to user engagement. Users might be able to purchase NFTs and engage with their favourite artists by using MATIC tokens. This is one of the easiest ways for them to get access to the platform and participate in this new project presented by Mastercard. 

It is also worth pointing out that Mastercard is starting this project in a bear market. This is a surprising thing considering that there will be likely a lower number of users getting involved in this new project compared to what could have happened in a bull trend. This also shows that Mastercard and Polygon are working in order to offer better solutions and services to users rather than simply working on marketing projects in bull markets.