By FintechNews staff
Leading US-based crypto exchange Coinbase has allied with payments processing behemoth Mastercard to make it easier for users to purchase NFTs from the exchange’s NFT marketplace. Mastercard suggests that buying digital goods should be as simple as buying a T-shirt or coffee pods on an e-commerce site. The recent move aims to eliminate the layers and obstacles in the process of purchasing NFTs.
At present, if an individual wishes to purchase an NFT, they must first create a crypto wallet that supports NFT storage, buy cryptocurrencies, and spend it to purchase NFTs from a marketplace such as OpenSea, Solanart, Magic Eden, and others.
Mastercard aims to simplify the process of purchasing NFTs by enabling users to simply use their debit or credit card for the same.
“As part of the agreement, Coinbase customers will be able to use Mastercard credit and debit cards to make purchases on the crypto exchange’s upcoming NFT marketplace. Coinbase unveiled late last year plans to launch the platform for minting and buying nonfungible tokens, which have exploded in popularity over the past 12 months.
By teaming up with Mastercard, Coinbase executives said they’re looking to reduce friction in the NFT buying process. Right now, that often requires customers opening up a crypto wallet, buying digital currencies, then spending those on NFTs in an online marketplace. Mastercard, meanwhile, said it’s looking to help expand consumer choice on how to pay for NFTs.
“Getting more people involved safely and securely is perhaps the best way to help the NFT market thrive. As it does, Mastercard sees even greater potential for NFTs’ underlying tech to go beyond art and collectibles into many more areas,” Mastercard’s Raj Dhamodharan said.”
Commenting on the development, Raj Dhamodharan from Mastercard, said:
“Getting more people involved safely and securely is perhaps the best way to help the NFT market thrive. As it does, Mastercard sees even greater potential for NFTs’ underlying tech to go beyond art and collectibles into many more areas.”
Mastercard, one of the world’s largest credit card and payment companies, has been on a crypto partnership spree lately. Mastercard announced in October that it’s teaming up with Bakkt to let banks and merchants in its network offer crypto-related services. It has also partnered up with Gemini, BitPay and Mintable, among others.
Rival Visa has been equally active the crypto space. The company has more than 60 partnerships with companies in the space, including the one with Coinbase.
American Express has also said it’s exploring using its cards and network with stablecoins. But CEO Stephen Squeri recently told Yahoo Finance that consumers should not expect to see an Amex-crypto-linked card “anytime soon.”
