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Global payments and technology company Mastercard partnered with Polygon to launch a web3-focused incubator to help artists connect with fans through a new medium, at the Consumer Electronic Show (CES) 2023.

According to TechCrunch, the new web3 project will provide emerging artists with the web3 tools and skills to help them connect with their fans.

Polygon is a blockchain platform that connects and scales blockchain networks. Its goal is to build a multi-chain blockchain ecosystem that is compatible with Ethereum.

"The core of this programme is providing emerging artists with the web3 tools and skills they need to excel and advance their music careers in this digital economy," Raja Rajamannar, chief marketing and communications officer at Mastercard, was quoted as saying.

"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," he added.

After joining the incubator, participating artists will be able to mint NFTs, represent themselves in virtual worlds, and build a community, said the report.

"We see that web3 holds tremendous promise for artists and creators to create, own and monetise their content, but only if they know how to leverage it," said Rajamannar.

An NFT is a blockchain-based file that represents ownership proof for a JPEG image, artwork, or virtual avatar. Artists can give NFTs to their fans as proof of ownership of music tracks or video clips.