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Tuesday, January 31, 2023

Mastercard (NYSE: MA) and Coinbase Announces NFT Marketplace Partnership

Mastercard Incorporated (NYSE: MA) and cryptocurrency exchange Coinbase have disclosed that they both have partnered to allow users of Coinbase’s upcoming nonfungible token (NFT) marketplace to use their cards to make buying as part of a new collaboration.

According to the pact, NFTs will be considered digital goods and can be purchased with a credit card, according to Mastercard executive VP of digital asset and blockchain products Raj Dhamodharan. The measure aims to make it easier for non-crypto natives to take part in NFTs without the need for a wallet or the purchase of Ether (ETH) or other tokens.

Furthermore, more than 1 million people have applied to be on the standby list since Coinbase first unveiled its NFT marketplace under the proposed name “Coinbase NFT” in October. Before making the NFT platform available to consumers in other countries, the crypto exchange aims to make it available to US users first.

In addition, big crypto exchanges FTX and Binance introduced their NFT marketplaces in response to the surge in demand in the NFT sector in 2021. Binance introduced an NFT platform in June, intending to offer the highest liquidity and lowest fees for consumers. In September, FTX introduced a platform that is only available to consumers in the United States.

DappRadar report disclosed that there may be an increase in the demand for NFTs in 2022 after the increase in the demands the previous year. The platform disclosed that NFT trades amassed $10.7 billion in the Q3 of 2021 to $11.9 billion in Q4, with the first ten days of 2022 looking good.

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