NFT: Coinbase, Mastercard team up for NFT marketplace purchases
Coinbase and Mastercard have signed a deal for purchases on the former’s NFT marketplace. The aim of the partnership is to allow people who are not into crypto to buy NFTs without the need to use a crypto wallet.
Mastercard announced this week that it would be allowing its customers to use its credit card for any transactions on Coinbase’s upcoming NFT marketplace. As per CoinTelegraph, the American financial services company headquartered in New York said on Tuesday, Jan. 18, that under its agreement with the cryptocurrency firm, non-fungible tokens will be considered as digital goods that can be purchased using a credit card.
Users can also buy Ether (ETH) or other tokens with Mastercard cards. In other words, the financial firm wants to make it easier for people to buy NFTs. There is no complicated process to follow, and it will be easy as making a regular purchase in department stores or online shopping platforms.
“As an important step in this mission, we’re excited to announce today that we’re partnering with Coinbase to let people use their Mastercard cards to make purchases on Coinbase’s upcoming NFT marketplace,” Raj Dhamodharan, Mastercard’s executive vice president of digital asset and blockchain products, said in a press release.
He added, “We are 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.”
CNBC further reported that as part of the deal between Mastercard and Coinbase, it is not just the credit card, but users of Coinbase will also be able to use any Mastercard-issued debit cards to buy anything on the crypto exchange’s NFT marketplace. Furthermore, through the tie-up, the crypto company’s executives are also looking to diminish complications in the buying process for digital assets.
Currently, when one would buy an NFT, the person must open a crypto wallet, buy cryptocurrencies then spend it on NFTs that are available in an online marketplace. With the Mastercard and Coinbase’s deal, transactions will be as easy as swiping the credit or debit card to complete the purchase.