The partnership will make it possible for people to buy NFTs on marketplaces with their Mastercard-issued credit or debit cards. Mastercard believes the move will enable more consumers to purchase NFTs as barriers to entry are reduced with wider payment options.
NFT marketplaces – Immutable X, Candy Digital, The Sandbox, Mintable, Spring, and Nifty Gateway, along with Moonpay, a Web3 infrastructure provider – are partnering with Mastercard. As per estimates, the said marketplaces have a substantial stake in the NFT space, contributing to over $25 billion sales in 2021.
The integration will not only make it easier for people, especially newcomers, to buy NFTs with their cards – instead of crypto – but also safer and more secure to complete transactions. And also bypass the step to first purchase crypto.
Raj Dhamodharan, executive vice president for digital assets at Mastercard said:
“Buying digital goods should be as simple as buying a T-shirt or coffee pods on an e-commerce site. You can make your purchase with one click — that’s it”
The company first launched this program in January this year to allow its 2.9 billion cardholders to buy NFTs in a tie-up with Coinbase.
In a recent survey of 35,000 people in 40 countries, Mastercard found that 45% of the respondents had already purchased an NFT or are likely to do so. Also, 50% of consumers were looking for flexible payment options.
Mastercard cited its recent survey findings over its decision to expand partnerships with NFT marketplaces in a rapidly growing industry. The financial service provider is also working on added security features for its cardholders.