Mastercard recently partnered with Coinbase, one of the biggest cryptocurrency platforms in the world, to provide its customers with more payment options when acquiring NFTs.
A while back, Coinbase announced its plan of building a user-friendly NFT marketplace called Coinbase NFT. This marketplace will allow minting, purchasing, showcasing, and discovering NFTs easier than ever, while also introducing social features that will provide additional opportunities for interaction and discovery for its sides. With this new partnership with Mastercard, customers of Coinbase will be able to make purchases on the upcoming NFT marketplace using Mastercard's credit and debit cards.
Coinbase NFT hasn't been launched yet, but it does offer a waitlist that you may join to get easier access.
The term NFT refers to non-fungible tokens. Using the blockchain, intending owners may purchase and sell ownership of NFTs and keep track of who owns them. To buy an NFT right now, consumers need a Web3 wallet and a cryptocurrency like Ethereum, which they then spend on NFTs in an online marketplace. The partnership intends to remove the complex layers and numerous roadblocks that exist in the process of acquiring NFTs by making it easier for novices to buy NFTs. This is expected to encourage more consumers to go into NFTs and boost the number of NFT owners.
In a statement, Mastercard said: "Buying digital goods should be as simple as buying a T-shirt or coffee pods on an e-commerce site."
Coinbase officials stated they want to eliminate issues in the NFT purchase process by partnering with Mastercard. "Owning NFT shouldn't be predicated on owning crypto. That is why we are partnering with Coinbase to make it easy for everyone to buy NFTs with Mastercard. It is about simplifying the user experience for everyone involved. It is about expanding the market for independent creators who can sell their creations to everyone with a Mastercard," said Raj Dhamodharan, an EVP at Coinbase.
Mastercard continues to make efforts to strengthen its position in the burgeoning cryptocurrency sector, due to the fact that the cryptocurrency field continues to exhibit significant economic development and contains enormous growth potential.
Last year, the payments company partnered with Gemini, a cryptocurrency platform, to offer a crypto rewards credit card. It also announced a collaboration with Bakkt, which would allow related banks and merchants to provide crypto services.