American financial services giant Mastercard has announced it has entered into a functional partnership with top crypto platforms to bring additional ease to the process of purchasing Non-Fungible Tokens (NFTs).
As contained in a blog post shared by Raj Dhamodharan, an executive vice president at the company, the partnerships were inked with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay.
“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.”
The move by Mastercard is not only targeted at profit-making but will largely help drive the overall engagement with the emerging world of NFTs across the board. According to Raj, the company conducted a survey featuring about 35,000 people from as many as 40 countries and discovered that about 45% had either purchased an NFT or were in the process of acquiring some.
The company also got insights into the fact that many prospective NFT buyers will be freer to acquire a digital collectible if paying in fiat through debit or credit cards. Mastercard believes it is well suited to take a good market share of this teaming hoard of Web3.0 enthusiasts and is starting with this set of firms.
Mastercard also has an active partnership to help Coinbase NFT marketplace users to acquire digital collectibles through the company’s issued cards.
Mastercard to Enable NFT Purchases With Uptight Security
Some of the data breaches or hack being recorded amongst NFT protocols are often in relation to the payment infrastructure or bridges through which tokens are moved from one chain to the other. With Mastercard getting into the game, it promises to enable users to acquire the digital collectibles of their wish in a safe and secure manner.
“We’re also applying our full suite of capabilities to reinforce customer safety, giving people similar protections to the ones they enjoy when making transactions in a store or online with a Mastercard card,” Raj added, “We’re using our cybersecurity tools to boost safety and protect user data for purchases people make using a Mastercard card.”