Quick take:
- Mastercard has announced a multiplatform deal to bring its payments network to Web3 and NFTs.
- The global payments giant has partnered with multiple NFTs and Web3 platforms to enable non-crypto native purchases.
- Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and MoonPay will work with Mastercard to enable NFT commerce.
Mastercard has announced a partnership deal with multiple Web3 and non-fungible token (NFT) platforms to bring NFTs to the masses. The global payments company said it wants to bring its massive network to NFTs and Web3, allowing non-crypto users to easily buy non-fungible tokens using credit cards.
The financial services provider on Thursday said it has partnered with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay to enable NFT commerce on Web3 platforms.
Mastercard wants to onboard non-crypto native users to the world of NFT by allowing them to buy non-fungible tokens and other cryptos with credit cards. Mastercard says its latest partnership deal will make buying an NFT easier and safer.
“When that happens, customers get the things they want with less stress and uncertainty. For NFT creators, these changes grow their potential customer base to millions more people all over the world,” the company wrote in a statement announcing the partnership.
Mastercard, which has 2.9 billion customers worldwide hopes that allowing people to use their Mastercard cards for NFTs purchases could have a huge impact on the world of non-fungible tokens.
Users will be able to buy NFTs of their choice from any marketplace without requiring them to purchase a cryptocurrency first.
Mastercard’s multi-partnership deal also comes at a time when crypto has been very volatile with prices crashing to new multi-month lows. Enabling NFT purchases with a credit card adds an element of stability and security.
The company collaborated with Coinbase NFT to launch its campaign in the Web3 space by offering to enable NFT purchases with credit cards on the newly launched platform. Coinbase NFT finally went live last month, but it is yet to onboard millions into its platform.
Therefore, although Mastercard’s NFT strategy is partly centred on bringing its massive customer-based to Web3, it could take a while before non-crypto native users eventually buy into the idea.
“Overall, these integrations are designed to make crypto more accessible and help the NFT ecosystem keep growing, innovating and bringing in more fans,” Mastercard added.
The company recently conducted a survey involving 35,000 people in 40 countries, which showed that 45% of them were already involved in the world of NFTs. In addition, about half of the poll suggested they would welcome the idea of alternative payment methods when purchasing NFTs.
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