Mastercard, the global payment technology company is now allowing you to buy non-fungible tokens (NFTs), using fiat.
Mastercard has partnered up with Immutable X to create the new project. This is a layer-2 network that supports Ethereum. The company will also work with NFT-based online gaming The Sandbox, fintech firm MoonPay and the NFT platforms Nifty Gate, Candy Digital and Spring.
Mastercard and NFTs
NFTs are now available to anyone interested without having to purchase crypto. In this way, buyers are relieved of the “stress and uncertainty” that could be part of obtaining an NFT, especially for the less tech-savvy folks.
NFT creators are exposed to a larger audience. This can lead to increased customer growth.
As for safety, Mastercard promises to “reinforce customer safety” and “protect user data” for people purchasing NFTs with its card. This project will discourage scammers looking to con people out with their digital artworks. As with any popular trend, scammers have taken advantage of the hype surrounding NFTs after celebrity endorsements and sales exceedingly large.
Late last month, a Moonbird NFT holder lostHis 29 NFTs were worth $1.5 Million to fraud. The buyer demanded that they do the transaction on a private platform to avoid being held responsible for their part of the deal.
Another motivator behind Mastercard’s latest development is a survey it published this month. From 35,000 respondents from 40 countries, 45 percent said they have purchased an NFT or are considering it. Half of respondents suggested flexible payment options. This would include paying with a debit or credit card and not crypto.
“We believe the process of buying an NFT needs to be easier and safer,” Mastercard’s news section reads.
Mastercard and Coinbase NFT partnered together to create a similar product in January, apart from the entities mentioned.
More recently, the payments firm went into a joint venture with Nexo – a platform offering crypto-backed loans. Mastercard now offers the Nexo card which allows users to use their cryptocurrencies to pay off debt.
Mastercard claims that it has distributed more than 2.9 billion credit cards around the world. The NFT sector is gaining momentum, with a record $25Billion in sales in 2021. The firm’s latest project now looks to explore the potential of the NFT industry, other than fostering its further adoption.