By Shelly Melancon (Switzerland)
Prominent cryptocurrency firm Coinbase, continues to hit significant milestones and record groundbreaking deals following its latest collaboration with famous payment gateway MasterCard. According to reports, Coinbase will allow its users to purchase NFTs on its marketplace with credit and debit cards.
The crypto platform aims to simplify users’ experience of purchasing digital collectibles on its marketplace. With MasterCard’s partnership, users can make purchases without owning virtual currencies. All they need is to fill out the details of the card and make their purchases.
Recall that Coinbase announced its entrance into the NFT sector with the proposed launch of its NFT platform in October. According to the company, over two million people have already been on the waitlist since the announcement. Coinbase’s plan will make it a rival to leading marketplaces, such as Nifty Gateway and OpenSea.
Buying NFTs Has Become Easier Than Ever
Credit/debit cards are one of the most convenient methods of paying for goods and services online. Coinbase’s move to integrate card payment to its NFT platform isn’t only smart, but will drive the growth of its marketplace.
Speaking of the partnership, Raj Dhamodharan the head of crypto partnerships at MasterCard, revealed that it will be so much easier for users to purchase NFTs now than before. In his words, he says, “That will ensure NFTs can be for everyone.”
The collaboration will alter the norm in the United States, where only debit cards were accepted for cryptocurrency purchases. Before now, users bought virtual currency and used it to buy an NFT. MasterCard will categorize NFTs as “digital collectibles” and enable cardholders to acquire NFTs via credit and debit cards.
However, there’s still the need for buyers to open a crypto wallet to store these assets after purchasing them. Since you’ll be purchasing digital works from Coinbase’s new platform, you need to open a Coinbase wallet.
Coinbase’s Growing List of Recent Partnerships
In the last six months, Coinbase has been inking deals with brands in various industries. The platform penned a long-term deal with the N.B.A. in October to offer digital interactive experiences for its global fans. It also partnered with UnitedMasters to allow music artists to receive cryptocurrency payments for their content.
Like Coinbase, MasterCard has been forming key crypto alliances to drive the adoption of virtual currencies by allowing users to transact on its vast network. Last October, it signed a deal with Bakkt to enable users to spend digital assets rewards on their cards.
NFTs are highly sought valuables, with retailers and companies leveraging the opportunities they present. In December, Walmart filed seven applications with the United States Patent Office to launch its collection of NFTs, representing its goods and products, such as electronics and sporting products.
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