Mastercard Partners With Web3 Providers To Facilitate NFT Commerce

• The business conducted a study of the digital payment ecosystem.
• NFT transactions may be made using debit or credit cards.

Mastercard said Thursday that it has partnered with numerous crypto asset providers to make it simpler for consumers to acquire and trade non-fungible tokens (NFTs) on its payment network. Mastercard is partnering with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay to facilitate NFT commerce.

Growing Payment Choices For Consumers

NFT transactions may be made using debit or credit cards, either via the marketplaces of these organizations or through the crypto services of these companies, according to the payments company.

Raj Dhamodharan, executive VP, digital asset & blockchain products & partnerships, said:

“These latest efforts are intended to build on the enormous potential of the NFT market, growing payment choices for consumers and expanding NFT communities. We’re looking forward to continuing our work with all these companies to make sure this market can become even more welcoming, accessible and easy.”

The business conducted a study of the digital payment ecosystem, surveying 45,000 individuals in 40 countries, and discovered that 45 percent of respondents were either interested in or had previously purchased NFTs. About half of those polled said they’d want to see additional options for paying for NFTs using a credit or debit card. Digital assets are becoming more popular, and Mastercard wants to get in on the action. NFT patents and metaverse-related trademarks were submitted to the United States Patent and Trademark Office (USPTO) in April, according to the business.

Making NFTs more accessible and helping the NFT ecosystem keeps expanding, innovating, and drawing in more admirers is the goal of integrating their bank cards. Previously, cryptocurrency assets like Ethereum or Solana had to be purchased by investors, traders, and collectors to acquire NFTs.