Work has begun on the third tribute to influential alternative rock act Smashing Pumpkins. According to a report on MTV, MySpace Records is planning a tribute to the band.

The record is the third such effort, with previous attempts coming from Reignition Records and Blood Loss Records. For this one, the social networking site's label has enlisted a number of high profile participants including +44, Deftones, Panic! At the Disco, Academy Is…, Ben Kweller, Hawthorne Heights and 30 Seconds to Mars.

All told, the project will see twelve bands cover songs from the Pumpkins' back catalogue. They will be available on the band's respective myspace profiles beginning May 14th. A CD version of the songs will be packaged with an upcoming issue of Spin magazine.