Mastercard's Web3 Strategy: Music and Community

Original author: Chao

Source: Empower Labs

A week ago mastercard announced the launch of its Web3 based Artist Accelerator program. The hope is to help emerging musicians build their own brands through Web3 technology, including casting NFT, building communities, and performing in the meta-universe.

Mastercard defines three core elements of the plan:

Owning the future of music - experiencing the freedom of digital ownership;

Enter Web3 - Upgrade your skills by learning from music professionals and Web3 innovators;

Create and Share - Create and connect artists and community members.

Mastercard has made some forays into encryption before, offering encrypted payment support to some partners and encrypted consulting services to its services division. Mastercard also invested considerable resources last year in a partnership with Coinbase to buy NFT through fiat currency, but Coinbase NFT failed completely in the market, and mastercard's partnership failed to gain much traction. This time, the plan moves away from the payments business and focuses on the non-business aspects of community and culture.

Mastercard has focused its support on music, not pancreative. Music has always been a big part of mastercard's marketing efforts, with its own sound brand and collaborations with bands and music institutions such as Linkin Park. The plan is an echo of the original music strategy. And mastercard has a lot of resources and accumulation in this area from its past work. This pooling allows resources to be organized more effectively and to focus on getting things done.

Another focus is that the project only selects five new musical acts to support. This means that every new music artist will be connected to the high-quality mentor resources in the field of music, and can get the hand-held support of Web3 experts. Good music is not much, focus on support may be better than a lot of effect.

For musicians and enthusiasts who don't make the cut, mastercard will release a set of NFT called the Master Music Pass. Holders are able to unlock exclusive Web3 music tutorials, essential tool support, and specific online and offline experiences. And most importantly, a community of musicians and enthusiasts across the country who support each other and grow together.

Like many big brands, mastercard chose Polygon as its partner. Polygon is currently in deep cooperation with Warner Music and LGND Music platform to penetrate the music market. It is not ruled out that there may be extended cooperation in the future.

summarize

Mastercard's Web3 strategy embraces education, building, collaboration, community, and learning through the process itself. The planned Music Pass NFT will be used to bring together the community of enthusiasts and musicians, and will also become an important place for the brand to interact with the community. Emerging musicians who are heavily supported compete for the mass music market and bring new musical experiences and ways for fans to interact.

The accelerator should launch in the second quarter of 2023.

「万事达专注于音乐，因为它是一种「普遍的激情」 ，将支持者们团结在一起。这也是为什么我们几十年来一直是音乐产业和艺术家的热心支持者，并特别支持新兴艺术家的项目。加速器是我们的品牌为这些艺术家展示的一种真实而有意义的方式，也是我们进一步拥抱 web3 空间，以一种新的方式与人们互动的方式。

The platform is designed for hobbyists as well as artists. Fans will receive a limited-edition NFT from mastercard Music Pass, which gives holders access to insider materials, resources and collaborations, as well as online and offline experiences. It was important for us to make sure that community enthusiasts could join the platform and learn with the artists. This type of collaboration and community is and is what music is all about."

Raja Rajamannar -- mastercard's Chief Marketing and Communications Officer

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