FinTech: Mastercard Enables NFT Commerce; Ties Up With NFT Marketplaces And Web3 Provider

June 10, 2022 | Digital Assets, FinTech, News
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Mastercard will allow people to buy NFTs directly with their cards, no need to buy crypto first.

Mastercard (NYSE: MA) announced June 9 its work-in-progress to expand NFT commerce through collaborations with NFT marketplaces including Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay. (Mastercard Newsroom)

This builds upon Mastercard’s existing work bringing its payment network to the all-new Coinbase (NASDAQ: COIN) NFT marketplace, which was thrown open to all Coinbase users in May.

“Overall, these integrations are designed to make crypto more accessible and help the NFT ecosystem keep growing, innovating and bringing in more fans,” the card company said.

NFT commerce

Mastercard’s overarching intention is to make the process of purchasing an NFT simple and safe. This would enlarge the market scope for NFT creators, and remove stress and uncertainty for NFT purchasers.

The card company’s recent survey of over 35,000 people across 40 countries found that about 45% had already purchased an NFT or are considering doing so. But crucially, roughly 50% desired more flexibility with the process, particularly the ability to buy an NFT using a debit or credit card.

“Buy the NFTs you want on the marketplace of your choice,” says Mastercard. “No need to buy crypto first.”

The company also said it is using its systems and cyber tools to make NFT purchases as safe as making transactions in a store or online with a Mastercard card, as well as to protect their user data.

Related Story: VanEck Offers The First Ever NFTs From A Global Asset Manager

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