The NFT wave has lured an array of prominent firms. Payments giant, Mastercard wanted to stay ahead of its counterparts with its latest partnership with the prominent cryptocurrency exchange, Coinbase.
Non-fungible tokens a.k.a NFTs are the present and the future. Taking digitalization to the next level, NFTs transformed the crypto-verse. The increased sale of NFTs has urged payment processors to up their game. Now, in an attempt of “revolutionizing” the NFT space, Mastercard entered into a deal with Coinbase.
Back in October, Coinbase announced the launch of its very own NFT marketplace. Even though the marketplace isn’t out yet, the firm rolled out a waitlist following the announcement. This garnered immense traction as over 1 million people went ahead and signed up for the imminent NFT marketplace. Taking this into consideration Mastercard decided to act as the official payments processor for the Coinbase NFT marketplace.
In a recent blog post, Mastercard revealed the reason behind its latest partnership. The payments giant hopes to make NFTs easily accessible to everyone and not just crypto enthusiasts.
Mastercard to boost the NFT market?
Almost every musician, artist, video game designer, and now even retail giants were betting their luck in the NFT forum. However, the compulsion of creating a crypto wallet, buying the particular crypto, and then making a purchase can be off-putting. In order to combat this, Mastercard decided to partner with Coinbase.
The payments giant wants to make the process of purchasing an NFT as easy as “buying a T-shirt or coffee pods on an e-commerce site.”
Furthermore, the Senior Director of Product at Coinbase, Prakash Hariramani noted how the crypto exchange had previously eased the process of buying Bitcoin. Now, the firm reportedly intends to do the same with NFTs. Hariramani added,
“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.”
Additionally, Mastercard pointed out that any technology thrives due to the inclusion of a wide range of people. With more people entering the market, the NFT space could grow much bigger than it already is. The payments giant further stated,
“Expanding the audience for NFTs allows this burgeoning market to support more creators and could spark the next evolution of digital commerce.”