Coinbase collaborate with Mastercard to avail easy access to NFT

• Leading cryptocurrency exchange Coinbase and Mastercard have formed a collaboration to make it easier for consumers to purchase non-fungible tokens using Mastercard cards.

• The collaboration will allow the exchange to increase the purchase possibilities for its future NFT marketplace, Coinbase NFT.

• Currently, in order to acquire an NFT, customers must have a Web3 wallet such as Metamask and a cryptocurrency such as Ethereum – the asset in which the bulk of NFTs on OpenSea and other markets are priced.

Collaboration to make good NFT buying experience good

Mastercard said on Tuesday that consumers will soon be able to acquire non-fungible tokens (NFTs) on Coinbase’s future NFT marketplace.

The two businesses worked together to “make the process of buying NFTs incredibly straightforward,” according to Prakash Hariramani, Coinbase’s senior product director for payments and commerce.

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For many, many people, Coinbase was essentially  on to cryptocurrency.”By using Coinbase, millions of people gained access to bitcoin for the first time,” Hariramani continued.”With Mastercard, we hope to reach common goals for NFTs by removing the pain points – to make purchasing an NFT as simple as possible while still providing the best customer experience.”

To get a digital collectible, potential NFT purchasers must currently travel to markets like as OpenSea and connect their crypto wallets. The agreement between Mastercard and Coinbase will let consumers connect their bank cards and purchase an NFT without first purchasing cryptocurrency.

The accessible on-ramp for mass adoption

According to Colin Fitzpatrick, Founder, and CEO of Animal Concerts, an NFT firm focused on virtual concerts in the metaverse, the partnership would “provide a highly accessible on-ramp for mass adoption.”

Coinbase initially announced intentions to launch Coinbase NFT, an NFT marketplace, in October 2021 but has yet to debut its new product offering. 

According to the business, once operational, the platform would allow users to acquire, mint, exhibit, and discover crypto assets on a peer-to-peer marketplace. Over one million individuals have joined the Coinbase NFT marketplace queue.

The payments behemoth also kept a positive stance on NFTs, stating that “we’re striving to make NFTs more accessible because we think tech should be inclusive,” before addressing the safety issues frequently raised by NFT collectors.