Payment processor Mastercard is expanding its payments network to easily enable more people to make purchases in several Non-Fungible Token or NFT marketplaces. This follows Mastercard’s partnership with Coinbase to enable all its users to make purchases in Coinbase’s new NFT marketplace.
Mastarcard has now expanded this NFT commerce partnership to more NFT marketplaces such as Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay.
Under this partnership, 2.9 billion Mastercard cards worldwide can be used to make purchases easier with one click instead of the multiple steps currently needed to purchase an NFT in an online marketplace.
These NFT marketplaces host sales for some of the biggest names in NFTs. These marketplaces generated more than $25 billion in sales in 2021 in the NFT space from art to sports to video games to collectibles to metaverse platforms.
These integrations are designed to make crypto more accessible and help the NFT ecosystem keep growing, innovating and bringing in more fans.
A new Mastercard survey of more than 35,000 people in 40 countries found that 45 percent had purchased an NFT or would consider doing so. Roughly half the people surveyed sought more flexibility in being able to pay with crypto for everyday purchases or using a credit or debit card to buy an NFT.
These latest efforts by Mastercard are intended to build on the enormous potential of the NFT market, growing payment choices for consumers and expanding NFT communities.
NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. This token is gaining popularity among artists, musicians, video game designers and content creators as this can protect their pieces of art like painting, songs, videos, games, tweets, etc.
NFTs are pieces of tokenized content that are verifiably unique, with the authenticity, rarity, and scarcity, and are secured on blockchain. They are typically built of Ethereum, though other blockchains like TRON and NEO can be used. The NFT transaction is executed on blockchain using smart contracts to store and record their unique information.
When a person buys an NFT of a collectibles and rare items of art and music, he receives a token containing the same only and does not get ownership rights. NFTs are currently the hottest product in the digital asset space, with celebrities launching NFTs for their art and music collections as another revenue stream for their work.
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