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Monday, October 3, 2022

Mastercard Now Allows Users To Purchase NFTs Directly

Mastercard has partnered with a number of cryptocurrency exchanges to let its customers acquire Non-Fungible Tokens (NFTs).

Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure supplier MoonPay are all partnering with Mastercard to allow NFT commerce. 

Mastercard Users Can Buy NFTs Directly

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Digital assets like art, music, and sports are represented by NFTs. They are purchased and traded online in the same way that other assets are, but each is identified by a unique code that is stored on the blockchain, a virtual ledger. This code aids in the identification of an NFT’s owner. Buying an NFT from a marketplace like OpenSea now entails depositing cash into a crypto wallet and paying using tokens like Ethereum (ETH) and Solana (SOL).

According to a Mastercard questionnaire of more than 35,000 people in 40 countries, 45 percent had purchased or were considering purchasing an NFT, and roughly half wanted more flexibility, such as being able to pay with digital money for everyday expenses or buying an NFT with a credit or debit card, according to Dhamodaran. “Overall, these connections are intended to make crypto more accessible while also assisting the NFT ecosystem is continuing to expand, innovate, and attract new followers,” he stated.

Mastercard has already been collaborating with Coinbase on the NFT platform, which was just introduced to accept cash payments. After purchasing CryptoPunks late last year, Visa is also paying careful attention to the NFT business. MoonPay has been delivering an NFT payments solution to its partners since January. Mastercard claims that in order to stimulate innovation, it wants to make emerging technologies more inclusive.

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In the first quarter of this year, the business had 2.89 billion cards in circulation.

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