According to a statement made on January 18, 2022, the leading US-based crypto exchange, Coinbase, has partnered with payments processing behemoth Mastercard to simplify consumers to acquire NFTs via the exchange’s the NFT marketplace.
Mastercard has partnered with Coinbase
Coinbase has forged an agreement with Mastercard to simplify consumers to acquire NFTs on the crypto exchange’s NFT marketplace.
According to the terms of the agreement, Coinbase clients will now be able to acquire NFTs on the exchange’s future NFT marketplace using Mastercard credit and debit cards.
For the uninitiated, Coinbase announced intentions last year to build an innovative and user-friendly NFT marketplace, to attract millions of new customers to the fast-growing world of NFTs, or digital collectibles.
On Coinbase’s new NFT marketplace, users will be able to purchase, sell, and mint NFTs with ease.
Coinbase’s cooperation with Mastercard aims to lower the barriers to entry for new NFT collectors into the technical realm of digital collectibles, which necessitates a basic understanding of how to use crypto wallets and store NFTs on them.
Currently, suppose someone wants to buy an NFT. In that case, they must first open a crypto wallet that supports NFT storage, acquire cryptocurrencies, and then use those cryptocurrencies to buy NFTs from a marketplace like OpenSea, Solanart, Magic Eden, or others.
Mastercard wants to make it easier for people to buy NFTs by allowing them to do so with their debit or credit card.
Mastercard’s Raj Dhamodharan commented on the development, saying:
“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.”
Coinbase notes in its formal release that it intends to recreate its success of enrolling millions of individuals into the bitcoin ecosystem using NFTs.