A release on January 18, 2022, states that leading US-based crypto exchange Coinbase has partnered with payments processing behemoth Mastercard to make it easier for consumers to purchase NFTs via the exchange’s an NFT marketplace.
Coinbase has partnered with Mastercard to make it easier for consumers to purchase NFTs on the crypto exchange’s NFT marketplace.
Coinbase clients will now be able to acquire NFTs on the exchange’s future NFT marketplace using Mastercard credit and debit cards, according to the terms of the agreement.
For the uninitiated, Coinbase announced plans last year to build an innovative and user-friendly NFT marketplace, with the goal of attracting millions of new customers to the fast growing world of NFTs, or digital collectibles.
On Coinbase’s new NFT marketplace, users will be able to purchase, sell, and mint NFTs with ease. Notably, users will be able to seamlessly buy, sell, and mint NFTs on Coinbase’s upcoming NFT marketplace.
The partnership between coinbase and Mastercard aims to lower the barriers to entry for new NFT fans into the rather technical realm of digital collectibles, which requires a basic understanding of how to use crypto wallets and store NFTs on them.
Currently, if someone wants to buy an NFT, they must first open a crypto wallet that supports NFT storage, acquire cryptocurrencies, and then use those cryptocurrencies to buy NFTs from a marketplace like OpenSea, Solanart, Magic Eden, or others.
Mastercard wants to make it easier for people to buy NFTs by allowing them to do so with their debit or credit card.
Mastercard’s Raj Dhamodharan commented on the development, saying:
“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.”
Coinbase claims in its formal release that it wants to use NFTs to replicate its success in enrolling millions of individuals into the bitcoin world.
Part of the blog article is as follows::
“That’s why we’re working with Mastercard to classify NFTs as “digital goods”, allowing a broader group of consumers to purchase NFTs. And, coming soon we’ll “unlock” a new way to pay using Mastercard cards.”