- Mastercard announced on June 9 that it is expanding its payments network to Web3 and non-fungible tokens (NFT).
- The payment processor is working with a variety of companies to enable people to use their Mastercard cards to buy NFTs.
- Mastercard’s adoption of Web3 also adds to their efforts to bring the payment network to Coinbase’s new NFT marketplace.
Mastercard announced on June 9 that it is expanding its payments network to Web3 and non-fungible tokens (NFT). Mastercard added that they are focusing on making the process of buying an NFT much easier and safer.
Mastercard is expanding its partnership with NFT marketplaces and #web3 providers to simplify the process of buying NFTs. Now anyone can buy an NFT with their Mastercard, without having to buy crypto first. Learn more: https://t.co/YOf3wPZW55
— Mastercard News (@MastercardNews) June 9, 2022
The payment company explains that this will allow customers to acquire what they need with much less stress and uncertainty. These changes also have the potential to grow the customer base of NFT creators by millions.
Significantly, Mastercard explained that it has been diligently innovating over the past year to make sure that these changes really happen. The company then also announced that it is working to enable NFT commerce with companies like Immutable X, Candy Digital, The Sandbox, Minable, Spring, Nifty Gateway, and even the Web3 infrastructure provider, MoonPay.
Moreover, the financial service provider is working with these companies to enable people to use their Mastercard cards to buy NFTs. With around 2.9 billion Mastercard holders around the world, this could have an immeasurable impact on the NFT ecosystem.
Users will also be able to buy NFTs on the marketplace of their choice, without having to buy crypto first.
More so, the Mastercard team said that the adoption of Web3 also adds to its efforts to bring the payment network to Coinbase’s new NFT marketplace. These integrations will make crypto much more accessible and will help with the continuing growth of the NFT ecosystem.
Also, the team stated that it will apply its “full suite of capabilities to reinforce customer safety.” This will give all customers the same protection that they have while making transactions in a store or online with a Mastercard card. The company will make use of cybersecurity tools to ensure the safety and security of users’ data.