Coinbase users would be able to make purchases by cards on its upcoming NFT marketplace.
On January 18, the largest cryptocurrency exchange in the United States Coinbase announced an important collaboration with a well-known payment firm Mastercard. This event is intended to make it easier for NFT buyers to buy and sell NFTs without owning any cryptocurrency, thereby increasing the popularity of NFT trading even for those who have not yet entered the crypto market.
Since announcing the planned NFT marketplace last October, this U.S exchange has accumulated more than 2.5 million users on its waitlist, positioning it as a competitor to OpenSea, the most well-known entity in the NFT space.
“Owning NFT shouldn’t be predicated on owning crypto. That is why we are partnering with Coinbase to make it easy for everyone to buy NFTs with Mastercard,” Raj Dhamodharan, this payment firm’s EVP Digital asset/Blockchain products & Digital partnerships, wrote on his Twitter.
“Coinbase wants to simplify the user experience to allow more people to join the NFTs community. Just as we helped millions of people access Bitcoin for the first time in an easy and trusted way, we want to do the same for NFTs,” this firm wrote in its partnership announcement, “That’s why we’re working with Mastercard to classify NFTs as “digital goods,” allowing a broader group of consumers to purchase NFTs. And, coming soon we’ll “unlock” a new way to pay using Mastercard cards.”
Other NFT marketplaces have already accepted credit and debit card payments, and Nifty Gateway has accepted such payments from its beginning. Rarible also allows you to purchase an NFT directly with card payments.
In contrast, you must still utilize a third-party service called MoonPay and convert your fiat cash to Ethereum before buying any NFTs on OpenSea.
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