Mastercard, a global leader in payment technology, has announced a team-up with various NFT marketplaces to allow payments over its network for “easier and safer” purchases of non-fungible tokens (NFTs).
Mastercard (NYSE:MA) Announces NFT Partnerships
On June 9, Raj Dhamodharan, an executive vice president of Mastercard, announced that the company had partnered with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway and MoonPay to enable NFT commerce.
According to Raj Dhamodharan, Mastercard has been working over the past year to make the integration work. He adds that the partnerships are aimed at making the way people around the world purchase NFTs easier.
Mastercard is working with these companies to allow people to buy NFTs using their Mastercard cards via the companies’ marketplaces or using their crypto services.
This would significantly reduce the hassle involved in purchasing NFTs. To purchase NFTs now, you would need to fund a crypto wallet with ETH, Solana, or the crypto used on the market. With Mastercard, people will be able to buy NFTs with fiat.
Mastercard to Build Digital Community for NFTs
In April, Mastercard filed 15 trademark applications for NFTs and metaverse needs with the U.S. Patent and Trademark Office.
Mastercard is now looking to build a digital community where interactions will be fueled by NFTs and metaverse payment card processing and an eMarket for easy purchase of digital goods.
On the Flipside
- Mastercard’s major competitor, Visa (NYSE:V), has also entered the NFT space, launching the Visa NFT Creator Program in April.
Why You Should Care
With 2.9 billion Mastercard cards worldwide, the integration into Mastercard can greatly impact the adoption of NFTs and Web3.
Get more information about Mastercard’s crypto card in:
Nexo Partners With Mastercard to Launch the First Crypto-Backed Card
Mastercard Races to Expand Consulting Service to Include Crypto and NFTs
Read about Visa’s NFT program below:
Visa Launches Booster Program for NFT Creators