Coinbase has taken yet another step towards revolutionizing NFT trading. Today, three months after the initial announcement of Coinbase NFT, the exchange giant has partnered with Mastercard.
This latest news comes as Coinbase is actively building its peer-to-peer marketplace that aims to make the process of minting, purchasing, showcasing, and discovering NFTs easier. Through the partnership, Senior Director of Product Prakash Hariramani says Coinbase is working with Mastercard to classify NFTs as “digital goods.”
With anticipation surrounding Coinbase’s forthcoming NFT marketplace continuing to grow, the tech and finance company’s product team has reiterated their desire to simplify the user experience to allow more people to join the NFTs community. And only hours after OpenSea revealed efforts to enable fiat payments, Coinbase has announced that its marketplace will allow users to purchase NFTs using a Mastercard credit or debit card without having to buy cryptocurrency first.
“Coinbase wants to simplify the user experience to allow more people to join the NFTs community,” Hariramani said via statement. “Just as we helped millions of people access Bitcoin for the first time in an easy and trusted way, we want to do the same for NFTs.”
Just as we saw with Visa’s CrytoPunk purchase back in August, and Moonpay’s celebrity partnerships, financial institutions have seen continuing success in becoming part of the NFT space. And with Mastercard joining up with Coinbase NFT, it’s clear that these corporations will be a huge factor in onboarding the next wave of users into the NFT ecosystem.
“Getting more people involved safely and securely is perhaps the best way to help the NFT market thrive,” Mastercard’s EVP of Digital Asset & Blockchain Products Raj Dhamodharan said via blog post. “As it does, Mastercard sees even greater potential for NFTs’ underlying tech to go beyond art and collectibles into many more areas.”
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Photos Courtesy of Coinbase and Mastercard.