Payment giant Mastercard this week announced its cardholders can now purchase NFTs without crypto. The move comes as an effort to make the process of buying NFTs easier and safer. To facilitate this, the company has partnered with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and MoonPay. So, what exactly does Mastercard’s latest initiative mean for the NFT industry?
About Buying NFTs With Mastercard
Mastercard has partnered with several NFT marketplaces to allow its cardholders to directly buy NFTs. The current partners include Web3 infrastructure provider, MoonPay; Immutable X, Candy Digital, The Sandbox, Mintable, Spring, and Nifty Gateway. With this, users can buy NFTs from a marketplace of their choice, without buying crypto first.
“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’ marketplaces or using their crypto services,” wrote Raj Dhamodharan. He is Mastercard’s Executive Vice President, Digital Asset & Blockchain Products & Partnerships.
“With 2.9 billion Mastercard cards worldwide, this change could have a big impact on the NFT ecosystem,” he added.
In addition, Mastercard is using its cybersecurity tools to amp up security and protect users’ privacy while making transactions. Furthermore, the company added that its latest efforts are to “build on the enormous potential of the NFT market.”
What Does This Mean For The NFT Space?
It is no secret that the NFT space caters to crypto users. After all, a majority of NFT marketplaces only accept payments in crypto. What this means is that there is a significant entry barrier to non-crypto users. Mastercard’s latest initiative solves this, making digital asset purchases easier than before.
Earlier this year, Mastercard partnered with Coinbase to allow users to buy NFTs on the Coinbase marketplace with Mastercard’s credit and debit cards.