Mastercard and Coinbase Aim to Bring NFTs to the Masses

Mastercard and Coinbase aim to partner together to make NFTs available for purchase using credit or debit cards. When Coinbase launches its new online marketplace, individuals will be able to use a regular Mastercard for payment. This partnership is expected to help expand the NFT market to a broader audience.

What are NFTs?

NFTs are digital assets verified using blockchain technology. The term “non-fungible” means that NFTs, unlike cryptocurrencies, are unique. NFTs are often digital artwork pieces, such as a digital painting or a video from a musical artist, but they can also be hard-to-define items like tweets.

Mastercard and Coinbase Partnership

Mastercard and Coinbase are working to enable customers to pay with credit or debit cards to purchase NFTs on Coinbase’s NFT marketplace. Customers will be able to use a regular Mastercard, not a crypto-linked card, allowing them to pay with regular dollars. Typically, purchasing NFTs requires opening a cryptocurrency wallet, buying a cryptocurrency like Ethereum, and then using it to buy NFTs on an online marketplace.

Spread of NFTs

The popularity of NFTs surged last year when famous cultural figures like Coca-Cola, the National Basketball Association, and Paris Hilton began creating and selling their unique digital assets. Trading volume rose to $23 billion from about $63 million in 2020, according to DappRadar, which tracks the market.

Coinbase NFT Marketplace

Coinbase aims to make NFTs more accessible through its marketplace, Coinbase NFT, which will allow people to trade, sell, and create NFTs. There is a waiting list for Coinbase NFT for those who want early access when it launches.

Simplifying the Purchase Process

Coinbase serves as a gateway to cryptocurrency for many users, enabling millions to access Bitcoin for the first time using Coinbase. Therefore, we want to do the same for NFTs with Mastercard by solving pain points – making the NFT purchase process as easy as possible and ensuring the best consumer experience.

Do you have a question, comment, or story you’d like to share? You can contact Medora at medoralee@thebalance.com.

Source: Mastercard. “Why Coinbase Is Launching NFT Marketplace.”

Source: https://www.thebalancemoney.com/mastercard-coinbase-aim-to-bring-nfts-to-the-masses-5216471