MasterCard Teams Up with Coinbase to facilitate NFT payments

Mastercard has just announced its partnership with Coinbase to make it easier for everyone to purchase non-fungible tokens (NFTs).

Customers of Coinbase will be able to make purchases on its upcoming NFT marketplace using Mastercard credit and debit cards as part of the arrangement, following last year Coinbase's announcement and plans to establish a platform for minting and buying non-fungible tokens. .

In today’s Mastercard Newsroom, the executives stated they aim to eliminate friction in the NFT buying process by partnering with Coinbase. Currently, in order for collectors to buy NFTs, they must open a crypto wallet, purchase digital currencies, and then spend those on NFTs in an online marketplace. Meanwhile, Mastercard’s objective is to enable consumers to have more options when it comes to paying for NFTs.

“Buying digital goods should be as simple as buying a T-shirt or coffee pods on an e-commerce site. You can make your purchase with one click — that's it, and that’s not the case for many NFTs, or non-fungible tokens.”, said Raj Dhamodharan, Mastercard executive vice president for digital Asset, Blockchain products, and partnerships.  He further added, “we’re working to make NFTs more accessible because we believe tech should be inclusive. When more people are included in new technologies, it spurs innovation, helps economies grow and expands choices for consumers.”

The greatest approach to help the NFT market develop is to get more individuals involved in a safe and secure manner. Mastercard sees much more potential for NFTs' core technology to expand beyond art and collectibles, but rather into a wide range of other applications, Mastercard executives reported. 

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