BREAKING NEWS

13.August 2022

Mastercard Buys Into NFTs, Enables Purchase Of Digital Art Using Credit Card

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Mastercard, one of the largest payment companies in the world, has revealed plans to expand access to the market for non-fungible tokens via card payments.

Traditional payment institutions are beginning to incorporate cryptocurrency into their business plans.

The company has announced that it is collaborating with a number of Web3 and NFT companies to allow users to pay for their products using the company’s technology.

The announcement was published on Friday on Mastercard’s official website by Raj Dhamodharan, Executive Vice President of Digital Asset Blockchain Products & Partnerships.

Mastercard is working with The Sandbox, Candy Digital, Immutable X, Spring, Nifty Gateway, Mintable, and MoonPay to facilitate NFT trade, according to Dhamodharan.

The company disclosed in its forecast that the aforementioned companies represent a significant portion of the NFT sector, which generated more than $25 billion in total sales last year.

According to Dhamodharan, they are collaborating with these businesses to enable use for NFTs purchases.

“With 2,9 billion Mastercard cards in circulation around the globe, this shift could have a significant impact on the NFT ecosystem,” he explained.

Mastercard intends to make payments more accessible for potential buyers of these items, who may encounter obstacles because of the crypto industry’s limitations, according to Dhamodharan.

Throughout the NFT boom from last year through 2022, collectors, investors, and traders were often required to acquire cryptocurrency assets such as Ethereum or Solana prior to buying NFTs.

Some 45 percent of respondents in a recent Mastercard study of over 45,000 individuals from 40 countries had either purchased an NFT or were considering doing so.

Roughly half of respondents also desired greater flexibility to acquire NFTs with debit or credit cards and to make more everyday purchases with cryptocurrency.

Mastercard and Coinbase have already partnered to enable cash transactions on the company’s new NFT platform.

Visa, for its part, is also targeting the NFT market after acquiring CryptoPunk in late 2021. Since January, MoonPay has provided its partners with an NFT payment solution.

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