Mastercard embraces Web3 by introducing NFT payment service
Mastercard believes that buying NFTs should be easier and safer, and so the company is bringing its payment network to Web3. The payment giant is expanding in Web3 to make the NFT industry grow and attract more people into the ecosystem.
The financial services company begins its NFT journey by collaborating with well-known Web3 companies Immutable X, Moonpay, Candy Digital, The Sandbox, Nifty Gateway, Mintable, and Spring. Mastercard will allow card purchases for NFTs and other blockchain services on these companies’ marketplaces.
“With 2.9 billion Mastercard cards worldwide, this change could have a big impact on the NFT ecosystem,” Mastercard stated. This way, you won’t need cryptocurrency to purchase digital collectibles. Instead, users will be able to pay with their Mastercard.
According to a survey by Mastercard, “more than 35,000 people in 40 countries found that 45% had purchased an NFT or would consider doing so, and roughly half sought more flexibility—being able to pay with crypto for everyday purchases or using a credit or debit card to buy an NFT.”
After Coinbase launched its NFT marketplace in May, Mastercard enabled credit card payments on the platform. In April, the company partnered with Nexo crypto bank, and around a year ago, it collaborated with fintech company Wirex to issue crypto payment cards on Mastercard’s network.
NFT collectors often suffer from hackers. Digital collectibles, worth hundreds of thousands, are frequently stolen. Mastercard claims that it will use powerful cybersecurity tools for user protection and security. It will provide similar protection methods as when users pay with Mastercard online or in-store.
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
