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Mastercard Partners With Coinbase To Use Their Cards For Making Purchases Of The New Partnership

Mastercard, the credit card company, has partnered with Coinbase to use their cards to make purchases as part of a new partnership.

It has been reported that Mastercard executive vice president of digital asset and blockchain products Raj Dhamodharan said under the agreement, nonfungible tokens (NFTs) would be considered “digital goods” and could be purchased using a credit card. The measure is aimed at allowing non-crypto natives to get into NFTs without using a wallet and buying Ether (ETH) or other tokens.

Dhamodharan said:

"Cryptocurrency enthusiasts are used to this process. But for most people, it's not simple, it’s not intuitive. We think it should be much easier. That will ensure NFTs can be for everyone [...] Getting more people involved safely and securely is perhaps the best way to help the NFT market thrive."

However, since Coinbase first announced its NFT marketplace, under the planned name “Coinbase NFT,” in October, more than 1 million people have signed up to be on the waiting list. The crypto exchange plans to make the NFT platform available to US users before opening it up to users in other countries.

The report said that after the growth of and interest in the NFT sector in 2021, major crypto exchanges FTX and Binance launched their own NFT marketplaces prior to Coinbase’s October announcement.

Likewise, in June, Binance launched an NFT platform aimed at “providing the highest liquidity and cheapest fees for users.” FTX followed in September with a platform exclusively for United States-based customers. According to a recent report from DappRadar, there may be a higher demand for NFTs in 2022 following the surge the previous year.

The platform reported that NFT trades generated $10.7 billion in the third quarter of 2021 to $11.9 billion in Q4, with the first ten days of 2022 "looking strong."

Thus, Pedro Herrera, the analyst of DappRadar, said:

"Despite the volatile cryptocurrencies cycles, NFTs maintain a stagnant positive trend."

Source: Cointelegraph



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