MasterCard announced that it has formed strategic partnerships with leading NFT marketplaces to facilitate payments.
MasterCard, the global payment company, announced that it has formed strategic partnerships with prominent NFT marketplaces in order to advance NFT payment services and Web3 technology.
Mastercard Sees NFTs as the Future
The goal of these collaborations is to make NFT purchases more accessible, particularly for non-tech clients looking to purchase NFTs.
Customers can buy NFT directly with their cards, just like they would buy a product, rather than buying cryptocurrency or exchanging their fiat for crypto.
We’re working with these companies to allow people to use their Mastercard cards for NFTs purchases, whether that’s on one of these companies’ marketplaces or using their crypto services. With 2.9 billion Mastercard cards worldwide, this change could have a big impact on the NFT ecosystem.press release
Initially, purchasing an NFT is not difficult if users have some basic knowledge of the market and the collection.
However, it is difficult to approach for those with no prior knowledge of cryptocurrency or blockchain. To achieve mass adoption, the process of purchasing NFT and the user experience must be optimized on a daily basis.
MasterCard also provided insights into users’ NFT purchase habits in the press release, based on a survey conducted by the company. The findings revealed that consumers are looking for flexibility and adaptability in their next NFT purchase.
Bigger Changes Are on the Way
MasterCard struck a similar agreement with Coinbase earlier this year to facilitate NFT growth and application.
The goal is to make it easier for new entrants to enter the potential NFT market by simplifying the purchase of non-fungible tokens.
Despite NFT’s recent growth, Coinbase reports that purchasing digital collectibles remains a difficult experience for many users.
Through Mastercard’s global network, the partnership with NFT will improve Coinbase’s customer experience and the broader ecosystem.
This time, the presence of MoonPay is a major highlight in MasterCard’s relationship with major NFT platforms.
MoonPay rose to prominence after receiving support from celebrities such as Steve Aoki, Gwyneth Paltrow, Maria Sharapova, Diplo, Post Malone, Drake, Matthew McConaughey, Bruce Willis, and others.
Artists are becoming interested in MoonPay as the NFT trend grows. Many internationally renowned artists, including Justin Bieber and Paris Hilton, have entered this market in the last year.
The payment service is well-known for allowing users to purchase cryptocurrency and NFTs using credit or debit cards, bank transfers, or mobile wallets on Apple Pay and Google Pay.
It is becoming increasingly easier to purchase NFTs
This new collaboration will enable MoonPay’s partners (such as OpenSea) to easily purchase NFTs with a debit or credit card, eliminating the need to first purchase cryptocurrency.
MasterCard has over 2.9 billion users worldwide and provides payment services. Because people can now easily trade, buy, and sell digital assets with their fiat money as a result of these collaborations, NFT will become more widely used.
The cryptocurrency market is currently in a period of correction, with the prices of many digital assets falling.
However, according to DappRadar, there is still room for growth in the NFT market. Sales in May totaled $3.7 billion, a 20% decrease from the previous month.
According to reports, the overall market has less of an impact on NFT trading volume. The largest NFT exchange at the moment, OpenSea, has acquired 950,000 ETH in trading volume, a 6.5 percent decrease from April.