Coinbase NFT Marketplace Starts Accepting Purchases With Mastercard

The Coinbase NFT marketplace starts accepting purchases with Mastercard to address the many “pain points” of buying NFTs so let’s take a closer look today in our latest cryptocurrency news.

The Coinbase NFT marketplace announced a partnership with Mastercard to simplify the process of buying NFTs. The partnership will see the exchange working with Mastercard to classify NFTs as digital goods that will enable a broader group of consumers to buy NFTs. The exchange also promised to unlock the new way to pay using the MasterCard.

In the blog post announcing the news, Mastercard wrote that purchasing digital goods should be as simple as purchasing a T-shirt on an e-commerce site with one click to buy NFTs. The coinbase senior product director for payments Prakash Hariramani said in an interview that they want to make the process of NFTs buying very easy. He argued that by providing an on-ramp to crypto for newcomers to the space, Coinbase will see its NFT marketplace doing the same for NFTs in general:

 “We want to do the same thing for NFTs with Mastercard by solving the pain points—to make it as easy as possible to buy an NFT and make sure it’s the best consumer experience.”

Coinbase was working with NFTs and on the platform and in just 48 hours of the announcement, the platform had more than 1.4 million signups. As a part of the Mastercard deal, the exchange announced that it will be able to provide a better customer experience on the new NFT platform. The exchange also added support for viewing NFTs to the wallet for NFTs or a non-custodial wallet.

The exchange is now focusing on NFTs amid growing interest in the metaverse which is a persistent virtual world where ownership of digital goods is tied to NFTs. In December 2021, the company’s CEO Brian Armstrong outlined his company’s vision for the metaverse and pointed to the use of these tools that will put the pieces of identity together and will create an identity on-ramp into the Metaverse.

Also as recently reported, Coinbase acquired CFTC-regulated FairX derivatives exchange while Crypto.com and FTX made similar moves to access the derivatives market in the US. The top three crypto spot exchanges recorded more than $25 billion in trading volume in the past 24 hours and the top three exchanges for derivatives did $70 billion in trades.