Mastercard Users Can Soon Buy NFTs From Coinbase’s Marketplaceby Fintech News Singapore January 19, 2022
Mastercard announced a partnership with cryptocurrency exchange Coinbase to let people use their Mastercard cards to make purchases on the latter’s upcoming non-fungible token (NFT) marketplace.
This partnership comes on the heels of the company’s recent “Coinbase NFT” launch, a peer-to-peer marketplace for the minting, purchasing, showcasing, and discovering NFTs in October 2021.
The duo will be classifying NFTs as “digital goods” in order to make it easier for a broader group of consumers to purchase them, according to a blog post by Coinbase.
Additionally, Mastercard will also offer its cybersecurity capabilities to ensure that its customers’ data is protected and the NFTs they buy are secure.
“Our mission at Coinbase is to increase economic freedom in the world. By enabling more people to join the creator economy and profit from their work, NFTs (Non-Fungible Tokens) have an important role to play in this mission.
However, the experience of purchasing an NFT remains complex for many users. Coinbase wants to simplify the user experience to allow more people to join the NFTs community.”
said Prakash Hariramani, Senior Director of Product at Coinbase.
“Today, if you want to buy an NFT — such as a digital art piece — you first need to open a crypto wallet, buy crypto, then use it to purchase an NFT in an online marketplace.
Cryptocurrency enthusiasts are used to this process. But for most people, it’s not simple, it’s not intuitive. We think it should be much easier. That will ensure NFTs can be for everyone.”
said Raj Dhamodharan, Executive Vice President, Digital Asset, Blockchain Products and Partnerships at Mastercard.