Mastercard has partnered with Coinbase to simplify the process of purchasing NFTs.
NFT was the dominant trend in the cryptocurrency market in 2021. Numerous celebrities and significant businesses began to join this subsector. Mastercard is another traditional world behemoth that will enter the world of non-removable tokens. The company has joined with Coinbase to make purchasing NFT easier.
NFTs are digital assets that can be bought, sold, and traded on a blockchain. They are often referred to as non-fungible tokens or digital collectibles.
Mastercard is partnering with Coinbase to make it easier for consumers to purchase NFTs through their credit cards. This will allow consumers to buy NFTs without going through the hassle of exchanging fiat currency for crypto or even having a wallet set up in advance.
Coinbase intends to make it simpler for new participants to enter the thriving NFT sector. They claim that purchasing digital collectables is still too difficult for many users.
On the other hand, the platform intends to follow a similar strategy to that of its bitcoin exchange. It will encase its product in a highly user-friendly interface. Additionally, the company has partnered with the traditional world’s payment giant – Mastercard. Coinbase expects this collaboration to enable customers to pay for NFT using a Mastercard in innovative ways. In a statement, the exchange stated:
We will be able to provide a better customer experience on Coinbase NFT due to our collaboration with Mastercard. Additionally, we intend to explore innovative methods to extend this capacity to the broader ecosystem, leveraging Mastercard’s scale and worldwide network.
Similarly, Coinbase recently announced the introduction of Coinbase NFT, a peer-to-peer NFT marketplace. Users can mint, purchase, sell, and promote digital collectables on this site.