Coinbase Will Let You Pay With MasterCard In Its Upcoming NFT Marketplace

Coinbase is partnering with Mastercard to allow card payments on its upcoming NFT marketplace. This means that you will be able to buy an NFT with fiat currency (also known as a government-issued currency, such as USD) directly using your MasterCard credit or debit card, all without purchasing the cryptocurrency first. .

The cryptocurrency exchange says it is working with Mastercard to "classify NFTs as 'digital goods'," which should, in turn, make NFTs more accessible to those who want to buy and sell cryptocurrency. Huh. Can be uncomfortable to store. Most NFT marketplaces require that you first buy cryptocurrency, add it to a secure wallet, and then connect that wallet to the marketplace, a process that is obviously not as simple as your normal online purchases.

In an announcement on Mastercard's site, Raj Dhamodharan, Executive Vice President of Digital Asset and Blockchain Products, Mastercard, says, "The expanding audience for NFTs allows this growing market to support more creators and the next generation of digital commerce. " Growth can be encouraged." "Involving more people safely and securely is probably the best way to help the NFT market flourish." Dhamodharan also said that MasterCard will be able to increase the security of NFT purchases. Will use its acquisition of CipherTrace, a cryptocurrency intelligence company, to help.

Coinbase first announced its NFT marketplace called Coinbase NFT in October, describing it as a platform that will let you trade, sell and mint NFTs. Coinbase NFT still hasn't gone live, but it does have a waiting list you can sign up for to get early access. Other popular NFT marketplaces have already explored the possibility of adding credit and debit card payments, with Nifty Gateway offering such payments from day one. Rarible also offers the option to buy NFTs directly with Visa or MasterCard.

However, on OpenSea, you still have to jump through hoops of adding funds using a third-party service called Moonpay, and then converting your fiat currency to Ethereum before making a purchase. Binance works in a similar way, requiring users to load a wallet containing the cryptocurrency before purchasing NFTs.