Mastercard is investing in the NFT space with several strategic partners to enable purchases of non-fungible tokens without owning crypto.
Since partnering with Coinbase in January, allowing customers to purchase NFTs from the crypto exchange’s new marketplace, Mastercard is now looking to connect creators and customers by removing the need for buyers to own digital currencies. to buy the latest NFTs on the market.
Some of the payment processor’s latest partnerships include Immutable X, Candy Digital, The Sandbox, Nifty Gateway, MoonPay and Mintable.
Mastercard recently conducted a survey of over 35,000 people, which found that 59% of consumers would trust cryptocurrencies more if they were backed by a reputable company. The survey follows a year of research and development to determine how to connect Mastercard’s 2.9 billion customers to the $25 billion NFT market.
In September 2021, Mastercard created its first NFT, relating to famous football manager and global ambassador Jose Mourinho, and which was awarded to a UK Mastercard customer through a lottery competition.
Last April, Mastercard filed a trademark application with the United States Patent and Trademark Office (USPTO), announcing its intention to offer payment services and virtual spaces to its customers within the metaverse.
Visa and American Express join Web3
Last year, Visa entered Web3 after buying a CryptoPunk NFT for $150,000. In May, the company launched the Visa Creator Programaimed at entrepreneurs in the fashion, music, art, and film industries who want to leverage non-fungible tokens to grow their businesses.
American Express has also filed seven patent applications to establish its presence in the metaverse by enabling payments on NFT marketplaces, creating branded virtual cards and offering custody services.
A simplified NFT purchase
Its customers got a taste of Mastercard’s NFT strategy when the payments company struck a deal with Coinbase in January this year. This partnership makes it possible to buy NFTs with a Mastercard without owning any crypto.
In a post, Raj Dhamodharan, head of digital asset and blockchain partnerships at Mastercard, wrote :
“Today, if you want to buy an NFT, such as a piece of digital art, you must first open a crypto wallet, buy digital currency, and then use it to buy a token on an online marketplace. We think the process should be much simpler. This will ensure that non-fungible tokens can be accessed by everyone.”
That said, while Mastercard has ambitions to enable NFT purchases without crypto, customers purchasing these tokens will still need a crypto wallet to store them in.
Last year, the company partnered with crypto asset custody and trading platform Bakkt to allow holders of Bakkt Mastercard cards to instantly earn crypto rewards when they use their card at select locations. tradespeople.
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Mastercard enters the NFT world with several key partnerships – BeinCrypto
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