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Why Did MATIC Form a New Partnership?

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On Friday, January 6, 2023, the payment giant Mastercard announced at CES 2023 that, through a partnership with the startup Polygon ($MATIC), it is launching an incubator focused on Web3 to help artists.

According to a TechCrunch report released earlier today, Raja Rajmannar, head of marketing and communications at Mastercard, told TechCrunch:

“The heart of this program is to give Web3 artists the tools and skills they need to succeed and promote their music in this digital economy. By giving access to professionals and designers in the space, artists will be guided on how to incorporate web3 into their work during the whole event and beyond… We see that web3 holds great promise for artists and creators to create, own and monetize them. Content, but only if they know how to put it in… Last year was a big one for us, with web3 testing around the world.”

Polygon is an “Ethereum scaling platform that enables developers to build user-friendly dApps with low transaction fees without sacrificing security.” The Polygon Lightpaper describes Polygon (MATIC) as “a framework and framework for building a blockchain network compatible with Ethereum.”

On 18 May 2021, the independent Ethereum teacher, investor and consultant Anthony Sassano took to Twitter to clear up some confusion around MATIC (as some people refer to Polygon as part of Ethereum, while others call it L2 blockchain). Below are a few highlights from that Twitter thread:

“There is Matic Plasma Chain and Polygon PoS chain. Most of the work takes place on the PoS chain.”
“The PoS token is what people call ‘side chain’ in Ethereum because it has a set of unauthorized parties (more than 100 in the MATIC line), which means that it does not use the security of Ethereum ( aka PoW of Ethereum).

“The PoS chain goes beyond the standard side chain and actually relies on Ethereum (what some people might call a ‘verification chain’). It relies on Ethereum because of the complete verification/ implementation. In which the PoS system lives as a smart contract on Ethereum.

Mastercard and MATIC Partner to Launch Artist Accelerator Program Focused on NFTs and Web3

“This means that if the Ethereum network goes offline, the Polygon PoS chain will also go offline. Second, the PoS chain is created/verified from time to time on Ethereum.

“It has 2 advantages: it provides an Ethereum-based end to the PoS chain and it can help the chain to recover in the event of a disaster. It also means that Polygon pays Ethereum to use its block space (in ETH) and paid to secure the contract at the checkpoint.”

The TechCrunch report goes on to say that according to Rajmannar “after joining the incubator, participating artists should know how to create NFT, represent themselves in the virtual world, and establish a community.”

Regarding the MATIC group, in their blog about this collaboration, they said that the Mastercard Artist Accelerator program – which will start in the spring of 2023 – “will prepare five emerging artists – such as musicians, DJ , manufacturers – and devices. , talent, and the opportunity to create their own musical path in the digital economy” and “artists will have special opportunities for special events, music releases and more” of his kind will teach people are figuring out how to build (and own) their brands from. The Web3 experience is like creating NFTs, representing themselves in the virtual world, and creating an engaging community.”

Ryan Wyatt, CEO of Polygon Studios, had this to say:

“Web3 has the potential to enable new forms of art that can grow a fanbase, create a livelihood, and introduce new ways of self-expression and connection in their own way. The Mastercard Artist Accelerator not only shows the power of brands embracing this new space, it provides tools that can teach consumers how to participate. This is an important step in opening up the benefits of Web3 to more people. »

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