Mastercard Adds NFT Marketplaces For Simpler Purchase Schemes

Mastercard adds NFT marketplaces to its list of partners in order to make simpler purchase schemes and allow people for faster purchase digital art so let’s have a closer look at today’s latest cryptocurrency news.

Mastercard adds NFT marketplaces to its list of partnerships and aims to brign its payment network to Web3 and make it possible to buy NFTs with debit or credit cards. According to the blog post, the NFT marketplaces that partnered with Mastercard include Immutable X, Sandbox, Mintable, Candy Digital, Nifty Gateway, and Spring as well as Web3 infrastrcuture provider MoonPay. The integration enables users to purchase NFTs in a safer and faster manner by using their cards rather than crypto to complete the transaction.

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

Combined, these marketplaces generated $25 billion in sales in 2021 from art to sports to video games and other collectibles to the metaverse platform. Raj Dhamadharan who is the executive vice president of Digital Asset Blockchain Products added:

“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’ NFT marketplaces or using their crypto services.”

According to Dhamodharan, with up to 3 billion card issues worldwide, the change could have a huge impact on the NFT ecosystem. Mastercard argued that by adding support for NFT purchases, the company will deliver what people have been asking for a long time. The financial service provider cited a recent survey of up to 35,000 people in 40 countries that found that as many as 45% of the respondents had bought an NFT or will consider doing so. The study found that 50% spoke in favor of flexibility in payment options or being able to use cfrypto for everyday purchases and use their cards or debit cards to buy an NFT. The findings mirror that of the recent Deloitte survey which shows that 85% of the business polled give high priority to enabling crypto payments.

This is the first time that Mastercard partnered with the NFT markets as earlier this year, the company announced a new partnership with Coinbase aiming at simplyginf the purchasing process on the Coinbase NFT site that went live in May. Mastercard announced the addition of payments-focused consulting services for merchants and banks tht cover everything from NFT to crypto and crypto cards.