Coinbase and Mastercard are working together in order to enable cryptocurrency payments on the company’s planned NFT marketplace. This way, you’ll be able to purchase an NFT using your Mastercard credit or debit card directly, without having to purchase cryptocurrency first.
Coinbase will collaborate with Mastercard
Coinbase is working with Mastercard “to classify NFTs as “digital goods”, allowing a broader group of consumers to purchase NFTs.” The majority of NFT marketplaces demand that you first purchase cryptocurrency and store it in a secure wallet before connecting it to the platform, which isn’t as simple as making an online transaction.
Raj Dhamodharan, Mastercard’s executive vice president of digital asset and blockchain products states that:
“Expanding the audience for NFTs allows this burgeoning market to support more creators and could spark the next evolution of digital commerce,” and “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,” he adds.
In February 2021, Mastercard announced its plans regarding the cryptocurrency market. In October 2021, we’ve learned Coinbase’s plans to create an NFT marketplace called Coinbase NFT. It is a place where you can buy, sell, trade and mint NFTs.
Although the Coinbase NFT has yet to go live, you may join the queue to get early access to it. Two months ago we’ve learned that Adidas Originals partnered up with Coinbase.