Global payment company MasterCard announced today it has formed strategic partnerships with prominent NFT marketplaces in an effort to make a further step toward NFT payment services and Web3 technology.
The tech giant details the team of partners comprises multiple marketplaces; some of the leading names including Immutable X, Candy Digital, Nifty Gateway, The Sandbox, Mintable, Spring, and Web3 financial tech firm MoonPay are on the list.
Mastercard Sees The Future of NFTs
The goal of these collaborations is to make NFT purchase more approachable, especially for non-tech clients who seek to buy NFTs.
Customers are able to purchase NFT directly using their cards, just like purchasing a merchandise, instead of buying cryptocurrency or exchanging their fiat to crypto to make the purchase.
“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. With 2.9 billion Mastercard cards worldwide, this change could have a big impact on the NFT ecosystem,” according to the press release.
Originally, purchasing an NFT is not too complicated if users have some basic information about the marketplace and the collection.
However, it’s not easy to approach for people with zero knowledge on cryptocurrency or blockchain. Less is more; to reach mass adoption, the process of buying NFT and user experience will need optimizing every single day.
In the press release, MasterCard also provided insights into the users’ tendency of NFT purchase through a survey conducted by the company. The result showed that consumers are in search of flexibility and adaptability for NFT purchase in the coming future.
Bigger Moves Are Coming
Earlier this year, MasterCard formed a deal with Coinbase for the similar purpose – facilitating NFT growth and application.
The plan is to simplify the purchase of non-fungible tokens and make it easier for new entrants to take a seat in the potential NFT market.
Despite NFT’s growth in recent months, Coinbase says buying digital collectibles remains a complicated experience for many users.
The partnership with NFT will enhance Coinbase’s customer experience and broader ecosystem through Mastercard’s global network.
This time, the presence of MoonPay is a big highlight in the relationship between MasterCard and major NFT platforms.
MoonPay gained popularity after it was backed by a number of celebrities, including Steve Aoki, Gwyneth Paltrow, Maria Sharapova, Diplo, Post Malone, Drake, Matthew McConaughey, Bruce Willis, and others.
With the development of the NFT trend, artists are interested in MoonPay. Over the past year, many internationally renowned artists such as Justin Bieber and Paris Hilton have also entered this market.
The payment service is famous for allowing users to buy crypto and NFTs with credit or debit cards, bank transfers, or mobile wallets on Apple Pay and Google Pay.
Easier to Buy NFTs All The Time
This new collaboration will allow users of MoonPay’s partners (like OpenSea) to easily purchase NFTs with a debit or credit card, bypassing the step of having to purchase cryptocurrency first.
MasterCard has been providing payment services to over 2.9 billion users across the globe. These collaborations will open a door for widespread use of NFT as now people can easily trade, purchase and sell digital assets with their fiat money.
The cryptocurrency market is now in a period of correction, with many digital assets seeing price declines.
However, according to DappRadar, the NFT market still has space for expansion. May sales totaled $3.7 billion, a 20% decrease from the previous month.
The overall market is said to have less of an impact on NFT trading volume. OpenSea, the largest NFT exchange at the moment, has acquired 950,000 ETH in trading volume, a 6.5 percent drop to April.