Ever more accessible NFTs – As soon as it was announced in October 2021, Coinbase NFT had attracted the interest of more than one million users. Now, the platform specializing in non-fungible tokens (NFT) wants to make it easier to buy them with Mastercard bank cards.
buying an NFT today is often a multi-step process that includes opening a crypto wallet, purchasing crypto, and then using it to buy an NFT on an online marketplace. This is the norm for cryptocurrency enthusiasts, but newcomers to the community might find it a bit complicated, which is why Mastercard will allow customers to make purchases on Coinbase’s upcoming NFT marketplace using their Mastercard cards.
“Coinbase sees its NFT marketplace as doing the same thing for NFTs. We want to do the same for NFTs with Mastercard by solving the pain points – to make it as easy as possible to purchase an NFT and ensure it’s the best experience for the consumer.”
“We strive to make NFTs more accessible because we believe that technology should be inclusive. Including more people in new technologies drives innovation, promotes economic growth and expands consumer choice.”
The exchange has announced plans to open a peer-to-peer NFT marketplace in October. As it did with cryptocurrency, Coinbase wants to help make NFTs easier to mint, buy, present and discover. The company said the initial launch would support Ethereum-based ERC-721 and ERC-1155 with multi-chain support expected soon after.
Reducing friction in the marketplace is a surefire way to attract more consumer interest. There are undoubtedly millions of people interested in the budding NFT space who have yet to jump on the bandwagon simply because the process has not yet been streamlined enough. Being able to purchase digital goods with a Mastercard will certainly lower the barrier.
Raj Dhamodharan of Mastercard echoed these sentiments, noting that they are working to make NFTs more accessible because they believe technology should be inclusive. “When more people are included in new technologies, it drives innovation, helps economies grow and expands choices for consumers,” Dhamodharan added.
NFTs had a banner year in 2021, with consumers spending nearly $27 billion on digital goods before the vacations. That number undoubtedly increased as some gifted NFTs were given to friends and family…