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Credit card giant Mastercard debuted free music pass NFT with perks and receive a range of perks in exchange for keeping the token tie-in NFT collectible. Mastercard unveiled a free Music Pass NFT drop this week during the annual NFT NYC conference, providing collectors with a range of incentives in exchange for keeping the token. The Mastercard Music Pass NFT is free till the end of April. The drop takes occur on Polygon, an Ethereum scaling network used by businesses like Starbucks, Nike, and Reddit for different Web3 activities.
NFTs are blockchain-based coins that are tied to digital and physical material, proving ownership, legitimacy, or even group membership. Musicians and record companies have included NFTs in their marketing and fan outreach strategies, with some even distributing tracks via NFTs or giving holders a part of streaming revenues. Collectors with the Mastercard pass will get early access to features such as an AI-powered music generation app, instructional materials, and a virtual showcase event in June featuring musicians from the company's accelerator program. The initiative is also intended to teach participating artists how to use Web3 technology.
This is the first NFT we've released as part of the accelerator, but there's certainly room for more as the participating artists learn how to create their NFTs as part of the program, Rajamannar explained. This isn't our first NFT as a brand, but it's a very exciting one. We like the marriage of design and function. In collaboration with Polygon and Web3 startup Hi, the company has also created personalized bank cards with a tie-in NFT collection.
Rajamannar stated that Mastercard intends to continue producing and experimenting with Web3 beyond the scheduled display with the artists in the accelerator program. We'll continue to explore Web3 tools, testing and learning as we go, he added, and identifying new places to innovate and engage with new technologies.
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