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NFT: Mastercard teams up with MoonPay, The Sandbox to allow customers to buy NFTs on different marketplaces

Photo by: Alina Kuptsova/Pixabay

Mastercard, one of the well-known card-issuer in the world, is now allowing cardholders to purchase non-fungible tokens or NFTs on multiple NFT marketplaces. The financial services company made this possible by teaming up with various platforms such as MoonPay and The Sandbox.

Aside from the mentioned platforms, Mastercard is also working with five other companies for its NFT e-commerce business. The partnership will make it so much easier for people to buy digital products, including digital art, music, and other blockchain-related items or assets.

With this move to expand its NFT capabilities, Mastercard just took another step to make paying for digital tokens as mainstream as paying for any other goods in the department stores or online retailers.

This is also unique because the card can also be used it several platforms and not just in one NFT particular marketplace. What’s more, there is no need to buy any cryptocurrency to purchase digital items, and people may simply use their Mastercard to settle the amount.

In any case, CoinDesk reported that Mastercard has partnered with different non-fungible token marketplaces to “bring its payments network to Web3.” This will make paying for NFT purchases possible with its credit and debit cards.

Prior to the announcement, the company carried out a survey to know how many people are buying NFTs or considering buying one. More than 35,000 people in 40 countries participated in the survey, and it was discovered that 45% of them have bought NFTs or would consider buying.

Mastercard also found that 50% of the respondents want more flexibility that will allow them to pay using crypto for everyday purchases or just use a card to buy a digital token. With the results, the company came up with the solution by joining forces with NFT marketplaces.

“We have been innovating over the past year to make these improvements happen. As part of this work, we are happy to announce we’re working to enable NFT commerce with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay,” Mastercard’s executive vice president of digital asset and blockchain products and partnerships, Raj Dhamodharan, said in a statement.

He added, “We are working with these companies to allow people to use their Mastercard cards for NFTs purchases, whether that’s on one of these companies’ marketplaces or using their crypto services.”

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