Coinbase Teams Up With Mastercard To Make NFT Purchases Easier
US-based cryptocurrency exchange Coinbase has partnered payment processor Mastercard to enable people to make purchases on Coinbase’s upcoming Non-Fungible Token or NFT marketplace. Coinbase is making NFT purchases easier with one click instead of the multiple steps currently needed to purchase an NFT in an online marketplace.
NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. This token is gaining popularity among artists, musicians, video game designers and content creators as this can protect their pieces of art like painting, songs, videos, games, tweets, etc.
NFTs are pieces of tokenized content that are verifiably unique, with the authenticity, rarity, and scarcity, and are secured on blockchain. They are typically built of Ethereum, though other blockchains like TRON and NEO can be used. The NFT transaction is executed on blockchain using smart contracts to store and record their unique information.
When a person buys an NFT of a collectibles and rare items of art and music, he receives a token containing the same only and does not get ownership rights. NFTs are currently the hottest product in the digital asset space, with celebrities launching NFTs for their art and music collections as another revenue stream for their work.
Currently, the consumer is required to first open a crypto wallet, buy crypto and then use it to purchase an NFT such as a digital art piece. Though cryptocurrency enthusiasts are used to this process, it is not as simple for most other people as the experience of purchasing an NFT remains complex for many users.
The partnership with Martercard will offer people more payment choices and make it easier for anyone to buy NFTs using a Mastercard card. This collaboration is part of Mastercard’s broader work to support the crypto ecosystem with new tools for crypto wallets and cybersecurity protections.
Coinbase is now looking to make NFTs more accessible by using inclusive technology, which will enable the NFT market to thrive, economies to grow and expand choices for consumers. It will help support more creators and could spark the next evolution of digital commerce. It will also allow more people to join the NFTs community.
Coinbase said it wants to do the same for NFTs as it did when it helped millions of people access Bitcoin for the first time in an easy and trusted way. It is working with Mastercard to classify NFTs as “digital goods”, allowing a broader group of consumers to purchase NFTs using their cards.
In October, Coinbase announced plans to launch a new marketplace called Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier. People can buy, sell and collect NFTs. There are reportedly one million users signed up on the waiting list for the NFT marketplace.
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