Mastercard CMO touts Web3 success
Web3 technologies - perhaps most especially NFTs - have gone through the hype cycle wringer over the last 12-18 months. Every new tech presents unique challenges and opportunities - the more disruptive the tech, the wider those peaks and valleys appear. Given that backdrop, it is always interesting to study how major brands leverage emerging tech. Great stuff here from Mastercard’s Raja Rajamannar via AdWeek.
This year started on a musical note for Mastercard with the launch of the Mastercard Artist Accelerator in April, a Web3-based program supporting emerging artists. So far, the results are music to Mastercard’s ears.
The financial payment processor’s bullish Web3 investments have positioned Mastercard as a technologically advanced company that has led to a positive revenue impact, Raja Rajamannar, Mastercard’s chief marketing and communications officer, told Adweek. This was especially the case among Gen Z audiences, who showed a proclivity for selecting Mastercard for its products or services when making purchasing decisions.
“A couple of years ago the NFT market experienced explosive growth, generating headlines and selling for tens of thousands, even millions of dollars,” he told Adweek. “As this market has matured, we’ve seen the cooling of vanity NFTs in favor of utility NFTs. An example would be tokens that unlock gated content or rewards [in the Artist Accelerator program].”
Of the 100,000 platform sign-ups, 5,000 participants used the platform resources to learn how to mint their own NFT music tracks, according to Rajamannar. The platform also taught musicians how to use NFTs to forge stronger fan connections, such as rewarding those who claim their token with discounts on future album releases or exclusive private concerts.
“That’s why we continue to experiment with Web3 and NFTs. Our focus right now is ensuring our NFTs have a compelling utility,” he said.
