Coinbase Taps into Mastercard to Enable a New Payment Option for Purchasing NFTs

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Coinbase announced this Tuesday its partnership with leading credit card company, Mastercard, to enable its users to purchase non-fungible tokens (NFTs) in the exchange’s upcoming dedicated marketplace using their respective cards.

In Mastercard’s side of the announcement, the firm’s EVP for blockchain products and digital assets, Raj Dhamodharan, states that the agreement with Coinbase aims to enable people unfamiliar with crypto to get access to NFTs without having to use specific cryptocurrencies or set up a digital wallet for their own.

This effectively brands NFTs as “digital goods” while also adding a new way for people to get their hands on this emerging digital asset class. As Dhamodharan would say: buying digital goods – in this case, NFTs – should be just as simple as purchasing a coffee pod or a T-shirt you may be interested in at a specific e-commerce website.

As for the largest US-based crypto exchange, Coinbase, it announced its plans to establish a peer-to-peer (P2P) marketplace specifically for NFTs this past October 2021, the Coinbase NFT. While its initial launch date did not come to fruition – previously targeting an end of 2021 release date – Coinbase remains optimistic that its NFT marketplace would officially launch sooner rather than later.

As of press time, over 1 million people have already signed up to be the first ones to experience this upcoming NFT platform.

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