Coinbase and Mastercard Team Up to Bring NFTs to the Masses

Crypto exchange platform, Coinbase has teamed up with global payments service provider Mastercard to make non-fungible tokens (NFTs) more accessible to people.
Image Source: coinbase.com

Quick take:

  • Coinbase has partnered with Mastercard to allow more people to purchase NFTs.
  • The leading crypto exchange platform said Tuesday it will soon unlock new ways of paying for NFTs using Mastercard cards.
  • Coinbase launched a peer-to-peer NFT marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier. 

Coinbase, a US-listed cryptocurrency exchange platform, has partnered with global payments giant Mastercard to bring non-fungible tokens (NFTs) to the masses. The leading crypto company revealed through its blog on Tuesday that it was working on ways to make NFTs more accessible, saying it will soon unlock a  new way to pay using Mastercard cards.

The company stressed its mission of increasing economic freedom in the world, highlighting the important role NFTs could play in enabling more people to join the creator economy, thereby profiting from their work.

With the process of purchasing NFTs still a complex experience for the non-crypto community, Coinbase has taken the step to revolutionise buying NFTs by working with Mastercard to classify non-fungible tokens as digital goods.

As a result, more people will access NFTs, the same way the company says it helped millions of people access bitcoin in an “easy and trusted way”.

However, Coinbase won’t be the first platform to allow users to pay for NFTs using credit cards. MetaMask wallet already allows NFT payments using credit cards, while fintech outfit Circle also rolled out its own service last March. 

Nonetheless, consumers still need some crypto knowledge on both instances to be able to send payments to a seller’s wallet address.

Coinbase’s link up with Mastercard sounds more exciting, with the crypto exchange platform committing to making the purchase process even easier.

The company was thankful for Mastercard’s role in enabling it to provide a better customer experience on Coinbase NFT. It now plans to establish an action plan that will help deliver the experience to the broader ecosystem through Mastercard’s global network.

“We applaud Mastercard’s leadership on this issue to make it as easy as possible to buy an NFT and make sure it’s the best consumer experience,” Coinbase wrote, adding that the NFT revolution is just getting started.

Coinbase’s NFT marketplace is yet to go live. However, it has already registered millions of users since announcing it last October. The link-up with Mastercard could attract even more registrations on the waitlist.

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