Mastercard, a well-reputed name in the payment industry, has moved toward additional NFTs, as per a press release issued on 9th June. The financial services provider sanctioned contracts with many noticeable NFT marketplaces, like The Sandbox, to allow for the purchase of digital collectibles in return for its cards.
With the assistance of these platforms, Mastercard is collaborating to spread Web3 adoption throughout the world. The payment venue has in advance shaken hands with Coinbase to facilitate people in purchasing non-fungible tokens on the decentralized marketplace of the crypto exchange with the help of their credit and debit cards.
Partnership With USAID
It was previously reported that the company filed up to 15 unique trademark applications to be registered under its name, as shared in a Twitter post on 8th April. It has done several partnerships among which one deals with the USAID Security Program where the Sustainable Development of Georgia and the Ministry of Economy assisted it in planning the Georgia Digital Partnership Program (spanning up to three years) taking into account several activities and initiatives in both public and private sectors.
An executive vice president at the venue, Raj Dhamodharan, noted in his blog post that Mastercard had formerly worked with the forums such as MoonPay, Nifty Gateway, Spring, Mintable, The Sandbox, Candy Digital, and ImmutableX to progress in the field of NFT trading. The executive moved on to say that they are making efforts in cooperation with their partners to make use of their cards for dealing with those marketplaces as well as their services related to cryptocurrency.
He pointed out that with 2.9B cards manufactured by Mastercard to spread across the globe, a respective evolution will put a substantial impact on the overall ecosystem of NFT (non-fungible tokens). Nowadays, getting a hold of an NFT that is available on a marketplace is considered to be just like investing money into a wallet of cryptocurrency as well as recompensing in the form of a token, like Solana or Ethereum, however, this scenario will get revolutionized.
Visa Also Following Its Footsteps
The NFT-collaboration between Mastercard and Coinbase aims at permitting recompensing payments on the exclusively introduced NFT venue of Mastercard. Following the purchase of a CryptoPunk in the latter period of the previous year, the payment forum Visa is additionally keeping a keen eye on the industry of NFTs. Since this year’s January, a payment solution based on non-fungible tokens has also been provided by MoonPay to its collaborators.
As per the blog post of Dhamodharan, a recent poll conducted on the behalf of Mastercard, brought to the front that a nearly 45% of the participants had bought or were contemplating doing an NFT purchase, whereas a 50% of them expressed that some more flexibility should be provided with additional payment options.
Apart from this, the executive disclosed that the respective partnerships are made to enhance the accessibility of cryptocurrency along with helping the non-fungible token ecosystem to keep on growing, introducing innovations, as well as to take several new followers into the space.