Mastercard has announced a partnership agreement with several 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 purchase non-fungible tokens using credit cards.
The financial services provider said Thursday that 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 is expanding its partnership with NFT marketplaces and #web3 providers to simplify the process of buying NFTs. Now anyone can buy an NFT with their Mastercard, without having to buy crypto first. Learn more: https://t.co/YOf3wPZW55
— Mastercard News (@MastercardNews) June 9, 2022
Mastercard wants to bring non-native cryptocurrency users into the NFT world by allowing them to buy non-fungible tokens and other cryptocurrencies with credit cards. Mastercard says its latest partnership agreement will make purchasing an NFT easier and more secure.
“When this happens, customers get the things they want with less stress and uncertainty,” he says. For the creators of NFT, these changes increase their potential customer base to millions more people worldwide,” the company wrote in a statement announcing the partnership.
Mastercard, which has 2.9 billion customers worldwide, expects that allowing people to use their Mastercard cards to buy NFTs could have a big impact on the world of non-fungible tokens.
Users will be able to buy NFTs of their choice on any marketplace without first purchasing a cryptocurrency.
Mastercard’s multiple partnership agreement also comes at a time when cryptocurrencies have been highly volatile, with prices falling to new multi-month lows.
Allowing 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 offering to allow NFT purchases with credit cards on the newly launched platform.
Coinbase NFT finally went live last month, but has yet to bring millions of people onto its platform.
So while Mastercard’s NFT strategy is partly focused on bringing its massive customer base to Web3, it could be a while before non-native cryptocurrency users eventually embrace the idea.
“Overall, these integrations are designed to make crypto more accessible and help the NFT ecosystem continue to grow, innovate and bring in more followers,” Mastercard added.
The company recently conducted a survey involving 35,000 people from 40 countries, which showed that 45% of them were already involved in the NFT world.
In addition, nearly half of the respondents suggested that they would welcome the idea of alternative payment methods when purchasing NFTs.
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