Mastercard Has Announced Crypto Partners For Its NFT Payments Solution

Mastercard has revealed plans to use card payments to expand access to the non-fungible token (NFT) market.

Raj Dhamodharan, an executive vice president of the company, claimed it had worked with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and MoonPay to facilitate NFT commerce in a blog post published on June 9.

“We’re working with these companies to allow people to use their Mastercard cards for NFTs purchases, whether that’s on one of these companies’ marketplaces or using their crypto services,” he said. “With 2.9 billion Mastercard cards worldwide, this change could have a big impact on the NFT ecosystem.”

Currently, getting an NFT from a marketplace like OpenSea entails funding a crypto wallet and paying in a token like ETH or SOL. However, this is beginning to change.

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Coinbase and Mastercard have already collaborated to allow cash payments on NFT platform

After purchasing a CryptoPunk late last year, Visa is also keeping a close eye on the NFT industry. Since January, MoonPay has also provided an NFT payment solution to its partners.

According to Dhamodharan’s blog post, a recent Mastercard poll of more than 35,000 consumers in 40 countries indicated that 45 percent of respondents had purchased or were considering purchasing an NFT, and nearly half wanted additional payment option flexibility.

“Overall, these integrations are designed to make crypto more accessible and help the NFT ecosystem keep growing, innovating and bringing in more fans,” he said.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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