Mastercard is teaming up with cryptocurrency exchange platform, Coinbase, to enable individuals to buy NFTs with their debit and credit cards.
Coinbase in October announced the Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier. The company also revealed plans to create a decentralized marketplace where users can mint, collect and trade non-fungible tokens.
The cryptocurrency giant also said that the partnership was forged to reduce the difficulty people encounter when buying NFTs.
The partnership will allow Coinbase customers to use Mastercard credit and debit cards to make purchases on the crypto exchange’s upcoming NFT marketplace.
Mastercard’s Raj Dhamodharan said “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.”
The firm is working with Mastercard to classify NFTs as “digital goods” and unlock a new way to pay using cards.
“We’re 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,” added Dhamodharan.
