Mastercard and Coinbase Partner For NFT Marketplace• January 18, 2022 6:01 pm • Comments
Mastercard announced last week that it finalized a deal with Coinbase, a major cryptocurrency exchange, to allow the exchange customers to use Mastercard credit and debit cards to purchase NFTs on the exchange upcoming NFT marketplace that is going to be launching soon.
Currently, the process of buying NFTs right now requires multiple steps such as having a crypto wallet, buying crypto currencies, and then using those crypto assets to buy from a NFT marketplace.
The companies hope to simplify that long process buy streamlining the number of steps as much as possible and to make it easy and simple for the average consumer.
By utilizing this partnership between the two companies, the process of buying an NFT would be as simple as using a credit or debit card to purchase anything else online which will ultimately make the NFT marketplace accessible to everyone.
No crypto, no problem. Coinbase will let users make purchases on its planned NFT marketplace through their Mastercard cards https://t.co/9sdTD0oz4q
— Bloomberg (@business) January 18, 2022
“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.
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.
Coinbase’s NFT marketplace is named as “Coinbase NFT” which will essentially be a platform that allows users to buy, sell, or mint NFTs.
Currently, the marketplace has not gone live yet, but already has a sizeable waitlist where users can signup if they want a chance of having early access.
Coinbase’s NFT marketplace is not the only NFT marketplace that has explored simplifying the NFT buying process and merging it with credit or debit card payment transactions.
Nifty Gateway and Rarible are also NFT marketplaces that would provide the same easy process of buying NFTs, but the addition of a well-known major cryptocurrency exchange would certainly accelerate the growth of future NFT marketplaces as well as increase general awareness of the industry.
“Expanding the audience for NFTs allows this burgeoning market to support more creators and could spark the next evolution of digital commerce,” says Raj Dhamodharan, Mastercard’s executive vice president of digital asset and blockchain products, in an announcement on Mastercard’s site.
“Getting more people involved safely and securely is perhaps the best way to help the NFT market thrive.”
Dhamodharan also notes that Mastercard will use its acquisition of CipherTrace, a cryptocurrency intelligence company, to help bolster the safety of NFT purchases.
The introduction of this type of marketplace that allows for easy buying and selling of NFTs will put Coinbase ahead of many other current marketplaces that currently dominate the industry.
For example, OpenSea one of the most dominant players in the NFT marketplace industry and their current process requires adding funds using a third party services and converting those funds into Ethereum before being able to make a NFT purchase.
As more and more marketplaces continue to pop-up in the future, making the customer experience as simple and seamless as possible will be critical for acquiring market share.
— SeleneNFT (@selenenft) January 18, 2022
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