MasterCard will enable the purchase of NFT by credit card directly from the large crypto exchange Coinbase, as part of a collaboration between the companies.
Buying digital products should be as simple as buying a T-shirt on an e-commerce site. This is not the case for NFTs. Today, if you want to buy NFT – like a digital art item – you need to first open a crypto wallet, buy crypto and then use it to purchase NFTs Online market. Cryptocurrency enthusiasts are used to this process. But for most people, it’s not intuitive, “notes MasterCard, adding:” We are working to make NFT more accessible, because as more people use new technologies, it spurs innovation and growth, and expands consumer options. “This is the next evolution of digital commerce.”
How will it work? Coinbase announced late last year that it intends to open a marketplace for NFT trading. If a customer wants to buy NFT on the Marketplace using a credit card, he will be able to do so, when Coinbase will actually receive the “Fiat” payment, convert it into one of the leading cryptocurrencies, and use this currency to purchase the NFT. MasterCard clarifies that all existing rules for denying the transaction in online commerce will also apply to these transactions.
Coinbase marks the NFT industry as a leading industry in 2022. “NFT-based communities will give substantial competition to Web 2.0 social networks. Web 2.0 platforms control experience, control economy and control relationships. There will be development of NFT-based communities as a freer social network, alongside growth in brands that participate more actively in NFTs as a brand marketing platform.” .
MasterCard is very active in the field of digital currencies. The company, subject to local regulation, enables crypto payments using a credit card linked to a digital wallet, by converting them into fiat money, and is also preparing to allow direct payments in stable digital currencies. In addition, MasterCard has set up a loyalty program where customers receive “cashback” in cryptocurrencies.