Coinbase has partnered with Mastercard in a bid to usher in mass NFT adoption.
Key Takeaways
Coinbase and Mastercard have joined forces to simplify the process of buying NFTs.
Coinbase’s NFT marketplace will support Mastercard payments.
It’s expected to launch in the near future.
Coinbase will support Mastercard payments on its new NFT marketplace.
Coinbase Taps Mastercard for NFT MarketplaceCoinbase has joined forces with Mastercard in a bid to make NFTs more accessible.
The two firms announced Tuesday that they had formed a partnership to enable NFT card payments on Coinbase. In a blog post, the exchange wrote that the firm was hoping to accelerate the creator economy and make it easier for people to buy NFTs. “The experience of purchasing an NFT remains complex for many users,” the post reads. “Coinbase wants to simplify the user experience to allow more people to join the NFTs community.”
Hariramani added that NFTs would be classified as “digital goods” as part of the partnership and promised that the exchange would “”unlock” a new way to pay using Mastercard cards.” The announcement also made reference to Coinbase NFT, the exchange’s forthcoming NFT marketplace that was announced in October. It said that the partnership would help improve the user experience and make it easier to connect to Mastercard’s global network.
Mastercard also posted an announcement confirming that users would be able to make payments with Mastercard cards on Coinbase NFT. “We’re working to make NFTs more accessible because we believe tech should be inclusive,” the payments giant wrote. “Getting more people involved safely and securely is perhaps the best way to help the NFT market thrive. As it does, Mastercard sees even greater potential for NFTs’ underlying tech to go beyond art and collectibles into many more areas.”
Mastercard noted how the typical process of buying an NFT today could potentially create friction for “most people.” Buying an NFT typically requires using a cryptocurrency wallet, loading it with a digital asset such as ETH, and either minting a piece or buying it on the secondary marketplace. There are also transaction fees for using the blockchain. On Ethereum, high gas fees have priced out many newer NFT collectors over the last year.
Mastercard also confirmed that it was working on a set of “cybersecurity capabilities” to ensure that users are protected when buying NFTs. In October, the credit card firm acquired CipherTrace, a crypto intelligence company with insight into more than 900 cryptocurrencies.
Mastercard has become increasingly involved in the digital assets space as the industry has grown over the last year. In 2021, it partnered with Circle to settle USDC payments, developed a ZK-Rollup solution for scaling Ethereum with ConsenSys, and hinted at supporting stablecoin payments. Coinbase, meanwhile, is expected to launch Coinbase NFT imminently. It’s been teasing partnerships with prolific NFT artists on its Coinbase NFT Twitter account for several weeks.
Disclosure: At the time of writing, the authors of this piece owned ETH and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Coinbase NFT Marketplace Waitlist Soars Past 1.5 Million
News
Oct. 14, 2021
Coinbase is following other major players into the NFT fray, including FTX U.S., Crypto.com, and Visa. Consumer interest has exploded, with over 1.5 million signing up for the waitlist in…
Is Time on our Side? The Case for Bitcoin’s Lengthening Cycles
One of the many unique features of BTC is its halving process, which is often accompanied by a bullish movement and preceded by bearish consolidation. Bitcoin’s halving events have been…
ConsenSys Has Built an Ethereum Scaling Solution With Mastercard
ConsenSys Rollups will use zero-knowledge proofs to scale Ethereum. ConsenSys Partners With Mastercard ConsenSys is releasing an Ethereum scaling solution with Mastercard. The leading Ethereum software company announced the launch…
Mastercard Will Support Crypto Payments in 2021
Mastercard, the world’s second-largest credit card company, is adopting crypto. Mastercard Ready for Crypto Mastercard announced the update on Wednesday, pointing out that digital assets have become “an important part…
