Mastercard is partnering with several platforms like ImmutableX, TheSandbox, and Moon Pay to allow its 2.9 billion cardholders to directly buy NFTs without needing to first purchase cryptocurrency. Customer safety and protecting user data will be the firm’s priority.
“With 2.9 billion Mastercard cards in circulation worldwide, this move could influence the NFT ecosystem significantly” -Raj Dhamodharan, Mastercard’s executive vice president of digital asset and blockchain products and partnerships.NDTV
At present, users must purchase cryptocurrencies to bid on and purchase NFTs. However, with the Mastercard announcement, cardholders can make NFT purchases without first purchasing cryptocurrencies. The company’s efforts are to capitalize on the NFT market’s immense potential by expanding payment options for consumers and establishing NFT communities. Earlier this year, Mastercard launched the NFT card-purchase service in conjunction with cryptocurrency exchange Coinbase.