Mastercard takes NFT further with new partnerships

Mastercard is entering the NFT space with several strategic partners to enable NFT purchases without owning crypto.

Since its partnership with Coinbase in January, which allows customers to buy NFTs on the new crypto exchange marketplace, Mastercard is now looking to connect creators and customers by removing the need for buyers to own the crypto to buy the latest NFT.

The payment processor’s latest partnerships include Immutable X, Candy Digital, The Sandbox, Nifty Gateway, MoonPay and Mintable.

Mastercard recently conducted a survey of over 35,000 respondents, revealing that 59% of consumers would be more confident in crypto if they were backed by a reputable company. This initiative follows a year of research and development to determine how to connect 2.9 billion Mastercard customers to the $25 billion NFT market.

In September 2021, Mastercard created its first NFT, linked to famous football manager and global ambassador Jose Mourinho, which was awarded to a UK Mastercard customer through a competition.

Last April, Mastercard filed a trademark application with the United States Patent and Trademark Office (USPTO), which indicated its intention to offer payment services and virtual spaces to its customers in the metaverse.

Visa and American Express enter Web3

Last year, Visa entered Web3 after buying a CryptoPunk for $150,000. In May, the company launched the Visa Creator program for fashion, music, art and film entrepreneurs looking to leverage NFTs to grow their business.

American Express has also filed seven patent applications to establish a presence in the metaverse by enabling NFT marketplace payments, creating branded virtual cards and offering concierge services.

Facilitate the purchase of NFT

Customers got a taste of Mastercard’s new push into NFTs after the payments company struck a deal with Coinbase in January this year to allow customers to purchase NFTs using their Mastercard without owning a card. crypto.

“Today, if you want to buy an NFT, like a piece of digital art, you must first open a crypto wallet, buy some crypto, and then use it to buy an NFT from an online marketplace. We believe that it should be a lot easier. This will ensure that NFTs can be for everyone,” wrote Raj Dhamodharan, Head of Digital Assets and Blockchain Partnerships at Mastercard, in a blog post.

While Mastercard’s vision is to enable crypto-free NFT purchases, customers who purchase NFTs will still need a crypto wallet to store the NFTs.

Last year, Mastercard partnered with crypto asset storage and trading platform Bakkt to allow holders of Bakkt Mastercards to instantly earn crypto rewards when they use their cards at specific merchants.

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