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Payment giant Mastercard is teaming with various NFT marketplaces to allow payments over its network for easier NFT purchases.
Mastercard Partners With Web3 Firms
In a Thursday blog post titled ‘Mastercard brings its payments network to Web3 and NFTs’, the payment giant revealed securing multiple partnerships with crypto asset providers to enable easier buying and selling of non-fungible tokens (NFTs). Under the arrangement, Mastercard is working to enable NFT commerce with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay. The payments firm noted that they are working with these companies to allow people to use their debit or credit cards for NFTs purchases, using either the companies’ marketplaces or using their crypto services. Raj Dhamodharan, executive vice president, digital asset & blockchain products & partnerships, said in the announcement release, “These latest efforts are intended to build on the enormous potential of the NFT market, growing payment choices for consumers and expanding NFT communities. We’re looking forward to continuing our work with all these companies to make sure this market can become even more welcoming, accessible and easy."
Diving into the Nascent Industry
The development comes after the company carried out a survey of the digital payment landscape, polling 45,000 people in 40 countries, and found that 45% of respondents were interested in buying NFTs, or had already done so. The survey also found that roughly 50% of respondents wanted more flexibility to be able to buy NFTs using a credit or debit card. Mastercard is also looking to explore the burgeoning digital asset industry. In April, the company filed for 15 NFT patents and metaverse-related trademarks with the United States Patent and Trademark Office (USPTO).